Halliburton acquires Baker Hughes for USD34.6b
(MENAFN) Halliburton, the world's second biggest oil services company, will acquire rival Baker Hughes for USD34.6 billion in cash and equity, AFP reported.
The tie-up of the world's second and third largest oil services companies would create a new energy behemoth, after days of speculation about a takeover bid of Baker Hughes by Halliburton.
Both companies are based in Houston, Texas, and extend beyond in many activities and many areas, which would allow for productivity gains after a restructuring is carried out.
"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," Halliburton's chief executive said.
The tie-up of the world's second and third largest oil services companies would create a new energy behemoth, after days of speculation about a takeover bid of Baker Hughes by Halliburton.
Both companies are based in Houston, Texas, and extend beyond in many activities and many areas, which would allow for productivity gains after a restructuring is carried out.
"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," Halliburton's chief executive said.
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