HALLIBURTON AND BAKER HUGHES REACH AGREEMENT TO COMBINE IN STOCK AND CASH TRANSACTION VALUED AT $34.6 BILLION

HOUSTON – November 17, 2014 - Halliburton Company (NYSE: HAL) and Baker 

Hughes Incorporated (NYSE: BHI) today announced a definitive agreement under which 

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 $34.6 billion and enterprise value of $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. Upon the 

completion of the transaction, Baker Hughes stockholders will own approximately 36

percent of the combined company. The agreement has been unanimously approved by 

both companies’ Boards of Directors. 



www.halliburton.com/public/news/pubsdata/press_release/2014/HAL-BHI-Joint-Announcement-Press-Release.pdf

Halliburton buys rival in mega deal - Nov. 17, 2014

As recently as Friday, merger talks between Halliburton and Baker Hughes weren't going well.

But now, we have a deal.

Halliburton buys rival in mega deal - Nov. 17, 2014