10:44 AM EDT, 04/02/2024 (MT Newswires) -- (Updates to include recent ChampionX ( CHX ) stock movement in the headline and first paragraph.)

ChampionX ( CHX ) shares were up more than 8% in recent Tuesday trading after the company and Schlumberger ( SLB ) said they reached a definitive agreement for SLB to buy ChampionX ( CHX ) in an all-stock transaction in which ChampionX ( CHX ) shareholders will receive 0.735 SLB shares for each share of ChampionX ( CHX ) they own.

The board of directors of ChampionX ( CHX ) unanimously approved the deal, the companies added.

Upon closing, ChampionX ( CHX ) stockholders will own roughly 9% of Schlumberger's ( SLB ) outstanding common shares, according to the companies.

The deal is expected to be closed before the end of this year, the companies said. The transaction is subject to ChampionX ( CHX ) shareholders' approval and other regulatory requirements.

Price: 38.50, Change: +3.10, Percent Change: +8.75