Halliburton to purchase Baker Hughes shares

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

The transaction is valued at US$ 78.62 per share, representing an equity value of US$ 34.6 billion. Upon completion of the transaction, Baker Hughes stockholders will own approximately 36% of the combined company.

Commenting on the transaction, Dave Lesar, Chairman and CEO of Halliburton, said: “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.

"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."

Lesar concluded: “We believe that the expertise of both companies’ employees and leaders will be a competitive advantage for the combined company. "

Adapted from press release by Katie Woodward

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