US Halliburton to acquire Baker Hughes in $34.6bn transaction

Jessie Waldheim

17-Nov-2014

US Halliburton to acquire Baker Hughes in $34.6bn transactionHOUSTON (ICIS)–Halliburton reached an agreement to acquire Baker Hughes in a  $34.6bn deal that would combine the two oil field services and technology firms, the two companies announced on Monday.

The deal was announced shortly after Baker Hughes confirmed on Friday that it was in talks with Halliburton on a merger.

Under the terms of the deal, Halliburton will purchase all outstanding shares of Baker Hughes at a value of $78.62/share. Upon closing of the transaction, Baker Hughes stockholders will own about 36% of the combined company.

The deal has been approved by the boards of both companies, but will need to be approved by both companies’ stockholders, by regulators and meet customary closing conditions. Halliburton has agreed to divest up to $7.5bn if required by regulators and has agreed to pay Baker Hughes a $3.5bn fee if the transaction terminates due to a failure to obtain antitrust approvals.

The combined company will maintain the Halliburton name and be headquartered in Houston, Texas.

The transaction is expected to close in the second half of 2015.

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