Schlumberger (SLB) has proposed divesting its UK production chemical technologies business to address competition concerns raised by its planned acquisition of ChampionX, the UK Competition and Markets Authority said Thursday.
The UK agency said that the company has also offered to sell ChampionX's global US Synthetic business as well as license critical intellectual property and know-how related to quartz sensors and transducers to an alternative supplier.
The company submitted the undertaking following a phase 1 investigation by the UK Competition and Markets Authority, which identified risks that the merger could reduce competition in key oilfield services markets in the UK North Sea, resulting in higher prices and less innovation.
The CMA said it has provisionally determined that the measures could resolve the issues and will now conduct a 40-day review period to assess the undertakings in greater detail, including soliciting third-party feedback.
The regulator said that, if satisfied, it could approve proceed to approve the deal, conditional on its final acceptance of the undertakings.
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