LONDON—Schlumberger Ltd.'s planned $1.7 billion acquisition of a stake in Eurasia Drilling Co., Russia's largest onshore drilling firm, fell through on Wednesday after a deadline was passed before critical consents had been won from Russian antitrust officials.

The collapse of the deal comes after a warning from Schlumberger that it wouldn't extend Wednesday's deadline for Moscow to approve the offer.

"We can now confirm that the long stop date has expired and the proposed merger and related transaction with Schlumberger will not occur," said EDC in a statement to the London Stock Exchange.

The transaction was proposed in January, accepted by EDC and originally expected to close by the end of March, before getting bogged down over concerns in Moscow that EDC's activities could be affected by Western sanctions against Russia.

Write to Ed Ballard at ed.ballard@wsj.com

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(END) Dow Jones Newswires

September 30, 2015 13:15 ET (17:15 GMT)

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