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Moody’s reviews ChampionX for upgrade
Moody’s Ratings said it placed ChampionX Corp.'s ratings on review for upgrade, including its Ba1-PD probability of default rating and Ba1 senior secured term loan and senior secured multicurrency revolving credit facility ratings. Previously, the outlook was stable. The SGL-1 speculative grade liquidity rating remains unchanged.
Schlumberger Ltd., rated A2, plans to acquire ChampionX in an all-stock deal. The agreement was approved unanimously by ChampionX's board of directors. The deal is expected to close before the end of 2024, subject to ChampionX's shareholders' approval, regulatory approvals, and other customary closing conditions.
"The acquisition of ChampionX by SLB is credit positive for ChampionX given SLB's stronger credit profile," commented Jonathan Teitel, a Moody's vice president and senior analyst, in a press release.
"The transaction will drive benefits from economies of scale and synergy opportunities across the two companies' complementary portfolio of customer solutions and broad geographic footprint," he added.
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