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    Halliburton and Baker Hughes agree to merge

    News // November 19, 2014

    Halliburton Company and Baker Hughes Incorporated have reached an agreement under which Halliburton will acquire all of the outstanding shares of Baker Hughes in a stock and cash transaction.

    The transaction is valued at US$78.62 per Baker Hughes share, representing an equity value of US$34.6 billion and enterprise value of US$38.0 billion, based on Halliburton’s closing price on November 12, 2014, the day prior to public confirmation by Baker Hughes that it was in talks with Halliburton regarding a transaction.

    On completion of the transaction, Baker Hughes stockholders will own approximately 36 per cent of the combined company. The agreement has been unanimously approved by both companies’ Boards of Directors.

    The companies said the transaction "combines two highly complementary suites of products and services into a comprehensive offering to oil and natural gas customers."

    On a pro-forma basis the combined company had 2013 revenues of US$51.8 billion, more than 136,000 employees and operations in more than 80 countries around the world.

    “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.”



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