The CMA Accepts Commitments in the Merger of Schlumberger and ChampionX
The UK's Competition and Markets Authority approves commitments by Schlumberger Limited to acquire ChampionX Corporation, following a multi-stage investigation that included consultations, extensions, and the appointment of a monitoring trustee.
Key Takeaways
- The CMA accepted commitments in the merger of Schlumberger Limited and ChampionX Corporation on July 15, 2025.
- A phase 2 investigation was avoided following public consultation and deadline extensions.
- A monitoring trustee was appointed by the CMA to oversee the agreed commitments.
- The transaction sets regulatory precedents for future integrations in the oil services sector.
The proposed acquisition of ChampionX Corporation by Schlumberger Limited in the United Kingdom has been officially authorized after the acceptance of commitments instead of a referral to phase 2 by the Competition and Markets Authority (CMA). The regulator accepted these commitments on July 15, 2025, solidifying the authorization process within the context of sustained analysis regarding the impact on competition and under the terms of the Enterprise Act 2002.
Timeline of the Investigation into the Schlumberger and ChampionX Merger
The process began on November 26, 2024, when the CMA issued a public invitation for comments regarding the transaction. Subsequently, on January 29, 2025, the CMA formally notified the start of the investigation.
In phase 1, the CMA concluded on March 27, 2025, that the merger could result in a substantial reduction in competition in the United Kingdom unless the parties offered acceptable commitments. This decision laid the groundwork for a potential referral to a phase 2 investigation if concerns were not resolved by the stakeholders.
Commitments Accepted Instead of Phase 2 Investigation
In light of regulatory concerns, on April 10, 2025, the CMA assessed that there were "reasonable grounds" to believe that the commitments proposed by Schlumberger Limited and ChampionX Corporation, or a modified version of them, could address the issues raised by the authority. Following their publication and consultation between June 20 and July 4, 2025, the commitments were formally accepted on July 15, 2025.
"The CMA receives proposals that can address competition concerns in the oil services agreement" — official statement, April 10, 2025
The deadline for evaluating the commitments was extended on June 10, 2025, reflecting both the volume of contributions received and the complexity of the issues discussed.
Role and Appointment of the Monitoring Trustee in the Transaction
On July 28, 2025, the CMA appointed a monitoring trustee as part of the oversight structure to ensure compliance with the agreed commitments. Updated contact details related to this monitoring trustee were published on August 25, 2026, reinforcing transparency and oversight post-authorization.
Public Consultation Process and Regulatory Factors in the Decision
The CMA opened several opportunities for stakeholders to submit comments and presentations regarding how the transaction might impact competition, a common component in mergers under the Enterprise Act 2002 in the United Kingdom. These consultation processes engaged companies, industry experts, and other parties to contribute to the analysis, in line with current regulation policies.
The regulator repeatedly emphasized data protection in accordance with applicable laws, involving only the necessary information for the work under Part 3 of the Enterprise Act 2002.
Implications for the Oil Services Sector and Other Jurisdictions
The acceptance of commitments instead of referring the case to phase 2 reaffirms the pragmatic approach of the CMA, favoring negotiated structural solutions that address concentration risks without disruptive impositions on the sector. Both Schlumberger Limited and ChampionX Corporation, two global players in services for the energy industry, thus consolidate their position under the active oversight of the British authority.
This procedure constitutes a relevant reference for future complex mergers overseen by the CMA in markets susceptible to restrictive competition effects. The use of a monitoring trustee following authorization becomes a typical mechanism for compliance and transparency, ensuring that the commitments remain operational in the long term.
The dates and key steps of the case, from the initial invitation to the publication of the monitoring trustee's contacts, underscore the importance of traceability in regulatory procedures and proactive interaction between the parties and the regulator.
Frequently Asked Questions
When did the CMA approve the merger between Schlumberger and ChampionX?
The CMA accepted the commitments and authorized the merger on July 15, 2025, following a public consultation process and multistage regulatory analysis.
Why did the CMA require commitments before approving the merger?
The CMA determined that the merger could substantially reduce competition in the UK, leading it to request commitments from Schlumberger Limited and ChampionX Corporation to avoid an in-depth investigation.
What is the role of the monitoring trustee in this case?
The monitoring trustee ensures that both companies comply with the commitments accepted by the CMA, with their contact details published on August 25, 2026, to guarantee transparency in the process.
What implications does this case have for other mergers in the sector?
The procedure reinforces the CMA's focus on seeking negotiated solutions to maintain competition, using mechanisms like the monitoring trustee and public consultations in complex transactions.
How was the public or stakeholders involved during the investigation?
The CMA opened various public consultation periods to gather opinions from companies and experts, allowing the potential impact of the transaction in the UK market to be assessed.
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About the author
Gonzalo Marín
Industry Deals Correspondent
Gonzalo Marín covers the corporate deal flow of gambling — operator strategy, M&A, regulated-market entries, and product launches. The reports open with the transaction, cite companies, valuations, and jurisdictions exactly as released, and keep the announcement apart from its actual effect. When a Latin American operator raises capital or a European brand lands in the region, Gonzalo Marín reports who signs, for how much, and on what terms.
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