Saturday, April 10, 2010, 10:14am
Oilfield service giant Halliburton Co. announced late Friday night plans to acquire Boots & Coots Inc. for about $240 million in cash and stock.
Houston-based Halliburton said it will pay Boots & Coots shareholders $3 for every share they hold, with $1.73 coming in cash and $1.27 in Halliburton common stock.
The deal, which has been approved by the boards of directors of both Houston companies, is slated to close this summer.
At that time, Halliburton (NYSE: HAL) said it plans to create a new product service line to include its existing coiled tubing and hydraulic workover operations and Boots & Coots’ (AMEX: WEL) intervention services and pressure control business.
Halliburton posted revenue of $14.7 billion in 2009 while Boots & Coots notched revenue of $195 million.
The move is the latest in a proposed series of oil service industry consolidations.
In February, Schlumberger Ltd. (NYSE: SLN) announced plans to buy Smith International Inc. (NYSE: SII) for $11.3 billion.
And last August, Oilfield services company Baker Hughes Inc. (NYSE: BHI) agreed to merge with BJ Services Co. (NYSE: BJS) in a deal valued at $5.5 billion.
Source: http://www.bizjournals.com/houston/stories/2010/04/05/daily66.html?ana=from_rss&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+vertical_30+%28Oil+%26+Gas+Industry+News%29
Oilfield service giant Halliburton Co. announced late Friday night plans to acquire Boots & Coots Inc. for about $240 million in cash and stock.
Houston-based Halliburton said it will pay Boots & Coots shareholders $3 for every share they hold, with $1.73 coming in cash and $1.27 in Halliburton common stock.
The deal, which has been approved by the boards of directors of both Houston companies, is slated to close this summer.
At that time, Halliburton (NYSE: HAL) said it plans to create a new product service line to include its existing coiled tubing and hydraulic workover operations and Boots & Coots’ (AMEX: WEL) intervention services and pressure control business.
Halliburton posted revenue of $14.7 billion in 2009 while Boots & Coots notched revenue of $195 million.
The move is the latest in a proposed series of oil service industry consolidations.
In February, Schlumberger Ltd. (NYSE: SLN) announced plans to buy Smith International Inc. (NYSE: SII) for $11.3 billion.
And last August, Oilfield services company Baker Hughes Inc. (NYSE: BHI) agreed to merge with BJ Services Co. (NYSE: BJS) in a deal valued at $5.5 billion.
Source: http://www.bizjournals.com/houston/stories/2010/04/05/daily66.html?ana=from_rss&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+vertical_30+%28Oil+%26+Gas+Industry+News%29
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