Halliburton And Baker Hughes Reach Agreement To Combine In Stock And Cash Transaction Valued At $34.6B

Baker Botts lawyers represent Halliburton in one of the largest energy deals of 2014.

Under the deal, Halliburton will acquire all the outstanding shares of Baker Hughes in a stock and cash transaction. The transaction is valued at $78.62 per Baker Hughes share, representing an equity value of $34.6B and enterprise value of $38.0B, 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. Upon the completion of the transaction, Baker Hughes stockholders will own approximately 36 percent of the combined company.

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 $51.8B, more than 136,000 employees and operations in more than 80 countries around the world.

Baker Botts along with Wachtell, Lipton, Rosen & Katz acted for Halliburton.

Baker Botts lawyers involved in the deal included: Corporate: Kelly Rose, David Kirkland, Steve Massad, Jim Marshall,Carina Antweil, John Geddes, Travis Wofford, Lakshmi Ramanathan, Jamie Yarbrough, Sarah Dodson and Heather Hewitt, in Houston; Sarah Berens, in New York;

Antitrust/Competition: Sean Boland, Paul Cuomo, Tom Fina,Chris Cooper, Ryan Foley, Matthew Adler, in Washington; Catriona Hatton, Georg Berrisch, David Cardwell, Elena Cortes, Simina Suciu, in Brussels;

Finance: Martin Toulouse, John Finelli and Jenny Zhang, in New York;

Employee Benefits: Gail Stewart and Chris Pratt, in Houston;

Tax: Don Lonczak and Peter Farrell, in Washington; Richard Husseini, in Houston;

Additional assistance was provided by: David Sterling, Danny David and Russell Herman in Houston; Mark Miller and Jeffrey Munk, in Washington; Aileen Hooks, in Austin and Luke Pedersen, in Washington.

Wachtell, Lipton, Rosen & Katz lawyers included Dan Neff, David Katz, Greg Ostling and Victor Goldfeld.

About Baker Botts L.L.P.
Baker Botts is an international law firm of approximately 700 lawyers practicing throughout a network of 15 offices around the globe. Based on our experience and knowledge of our clients’ industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Throughout our 174-year history, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, visit BakerBotts.com.