A PYMNTS Company

US: Halliburton to sell divisions pre-merger

 |  April 8, 2015

Halliburton says it plans to hawk three business units as it works to persuade antitrust regulators to clear its $34.6 billion deal to buy smaller rival Baker Hughes.

The Houston oil field services firm said Tuesday it is putting its fixed cutter bits and roller cone drill bits, directional drilling, and logging-while-drilling and measurement-while-drilling businesses on the auction block in separate deals.

The transactions are expected to be finalized after federal trustbusters approve the Baker Hughes deal, which will tie up the world’s second and third-largest oil equipment suppliers, likely in the second half of 2015.

“We believe the value inherent in these businesses will be recognized by prospective buyers,” Halliburton CEO Dave Lesar said.


Full Content: The Wall Street Journal


Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.