SLB to buy ChampionX in $7.7 billion all-stock deal

(Reuters) -Oilfield services company SLB said on Tuesday it will buy ChampionX in an all-stock deal valued at $7.75 billion.

ChampionX shareholders will receive 0.735 shares of SLB common stock, and the deal is expected to close before the end of 2024.

SLB said it would return $7 billion to shareholders over the next two years and increase its 2024 shareholder returns to a target of $3 billion.

(Reporting by Arunima Kumar in Bengaluru; Editing by Arun Koyyur)