[twitter-follow screen_name=’oilnewskenya’]<\/p>\n
Energy industry products and services provider Halliburton and leading supplier of oilfield services, products, technology and systems\u00a0Baker Hughes have announced a definitive agreement under which Halliburton will acquire all the outstanding shares of Baker Hughes in a stock and cash transaction at an equity value of $34.6 billion and enterprise value of $38.0 billion.<\/p>\n
Upon the completion of the transaction, Baker Hughes stockholders will own approximately 36 percent of the combined company with the transaction combining two highly complementary suites of products and services into a comprehensive offering to oil and natural gas customers.<\/p>\n
\u201cWe 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,\u201d said Dave Lesar, Chairman and Chief Executive Officer of Halliburton.<\/p>\n
The transaction creates a Houston-based global oilfield services champion, manufacturing and exporting technologies, and creating jobs and serving customers around the globe.<\/p>\n
\u201cBy combining two great companies that have delivered cutting-edge solutions to customers in the worldwide oil and gas industry for more than a century, we will create a new world of opportunities to advance the development of technologies for our customers,\u201d says Martin Craighead, Chairman and Chief Executive Officer of\u00a0Baker Hughes.<\/p>\n
Among the strategic and financial benefits of the transaction include: the partnership leverages complementary strengths to create a company with an unsurpassed breadth and depth of products and services, generates significant opportunities for synergies and provides increased cash returns to stockholders.<\/p>\n
The transaction that is expected to close in the second half of 2015 is subject to approvals from each company\u2019s stockholders, regulatory approvals and customary closing conditions.<\/p>\n
[twitter-follow screen_name=’oilnewskenya’]<\/p>\n","protected":false},"excerpt":{"rendered":"