Shares of ChampionX (CHX) jumped Tuesday after SLB (SLB) agreed to buy the rival oilfield services provider in an 澳洲幸运5官方开奖结果体彩网:all-stock transaction valued at about $7.8 billion.

SLB announced that ChampionX investors would receive 0.735 share of SLB for every share of ChampionX they owned. That works out to be $40.59 per share, a 14.7% premium over ChampionX’s closing price Monday. 

SLB 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Olivier Le Peuch said that his company’s customers are “seeking to maximize their assets while improving efficiency in the production and reservoir recovery phase of their operations,” including the use of 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) and autonomous operations. He added that SLB combining with ChampionX “will drive tremendous value for our customers and 澳洲幸运5官方开奖结果体彩网:stakeholders.”

It was the second major purchase by SLB in a week. Last Wednesday, it announced a $380 million deal to acquire a majority stake in Norway’s Aker Carbon Capture.

SLB noted that the ChampionX transaction is expected tꦕo close by the end of this year.

In addition, the company reported that it would be increasing its return to shareholders, targeting $3 billion in 2024 and ꦚ$4 billion in 2025.

As of 12:07 p.m. ET Tuesday, ChampionX shares were up about 9% to $38.59, their highest level in nearly five years. Shares of SLB fell 1.9% to $54.15.