Halliburton paying $34.6 billion for Baker HughesHalliburton paying $34.6 billion for Baker Hugheshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=24402014-11-17T10:45:00Z2014-11-17T09:00:00Z

HOUSTON - Halliburton Co. has acquired Baker Hughes Inc. for $34.6 billion. The Houston-based companies reached a definitive agreement on Nov. 17, under which Halliburton will acquire all the outstanding shares of Baker Hughes in a stock and cash transaction.

"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," Dave Lesar, chairman and CEO of Halliburton, said in a statement.

Once the transaction is complete, Baker Hughes stockholders will own approximately 36 percent of the combined company. The agreement was approved unanimously by both companies' boards of directors.

The transaction is still subject to the approval of each company's stockholders, regulatory approvals and customary closing conditions.

The two companies have a combined revenue of $51.8 billion and more than 136,000 employees worldwide, and operate in more than 80 countries. The new company will have 15 board members, including three from Baker Hughes. Dave Lesar will continue as CEO of Halliburton.

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

Houston Business Journal
Houston-The Woodlands-Sugar Land
http://www.bizjournals.com/houston/morning_call/2014/11/halliburton-acquires-baker-hughes.htmlRead more at {Source}

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