iStock/Thinkstock(NEW YORK) — Halliburton on Monday announced that it had reached a merger agreement to combine cash and stock with rival Baker Hughes — a merger that would create the world’s largest oilfield services company.
According to a press release from Halliburton, the deal values Baker Hughes stock at $78.62 per share — representing an equity value of $34.6 billion.
Just days earlier, talks between the two companies had stalled. Halliburton says the agreed upon deal would “[leverage] complementary strengths, generate significant synergistic opportunities and increase cash returns to stockholders.”
“We are pleased to announce this combination with Baker Hughes,” Chairman and CEO of Halliburton Dave Lesar said, “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.”
The new company, Lesar added, will “deliver an unsurpassed depth and breadth of solutions to our customers…creating jobs and serving customers around the globe.”
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