Ecolab Inc. announced that it has agreed to acquire privately held Champion Technologies and its related company Corsicana Technologies in a transaction valued at approximately $2.2 billion, to be paid through a mix of approximately 75% cash and 25% stock.

Champion is a Houston-based global energy specialty products and services company with approximately 3,300 employees in more than 30 countries delivering product and service-based offerings to the oil and gas industry. 2011 sales were $1.2 billion.

Closing is expected to occur by year-end 2012, subject to regulatory clearance and other customary closing conditions.

Ecolab will pay approximately $1.7 billion in cash and issue approximately 8 million shares of Ecolab common stock, subject to certain adjustments at and after closing.