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Halliburton buys Baker Hughes in $35 billion deal

Oil Well in Reagan County, Texas (source: flickr/ J. Stephen Conn, creative commons)
Francisco Rojas 17 Nov 2014

Earlier today, Halliburton announced that will purchase all the outstanding shares of Baker Hughes in a stock and cash transaction for a total of USD $35 Billion

Following the breaking news from last week, regarding the possibility of Halliburton buying Baker Hughes; the acquisition process has now been confirmed according to OilPro.

The deal has been confirmed at USD $35 Billion, making it the largest deal ever to happen in the oil service industry, having a significant impact for drilling and geothermal.

According to OilPro, “The deal is expected to close in 2H15, and the companies have retained a high-profile antitrust attorney to help navigate what will no doubt be intense regulatory scrutiny. Halliburton has agreed to pay a fee of $3.5 billion if the transaction doesn’t go through because of antitrust issues. The size of the break-up fee shows management’s confidence in the deal’s ability to close”

To read the full newspiece, please follow the link below:

Source: OilPro