Halliburton to Acquire Baker Hughes

RefComm Global Virtual Conf

Halliburton Co. and Baker Hughes Inc. have reached a definitive agreement, under which Halliburton will acquire all the outstanding shares of Baker Hughes in a stock and cash transaction.

“We are pleased to announce this combination with Baker Hughes, which will create a bellwether global oilfield services company and offer compelling benefits for the stockholders, customers and other stakeholders of Baker Hughes and Halliburton,” said Dave Lesar, chairman and chief executive officer of Halliburton. “The transaction will combine the companies’ product and service capabilities to deliver an unsurpassed depth and breadth of solutions to our customers, creating a Houston-based global oilfield services champion, manufacturing and exporting technologies, and creating jobs and serving customers around the globe.”

The transaction is valued at $78.62 per Baker Hughes share, representing an equity value of $34.6 billion and enterprise value of $38 billion, based on Halliburton’s closing price on Nov. 12, 2014. Upon the completion of the transaction, Baker Hughes stockholders will own approximately 36% of the combined company. The transaction is subject to approvals from each company’s stockholders, regulatory approvals and customary closing conditions.

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