Halliburton agrees to buy Boots & Coots

NEW YORK Fri Apr 9, 2010 9:29pm EDT

Related Topics

NEW YORK (Reuters) - Halliburton (HAL.N) said on Friday it agreed to buy Boots & Coots WEL.A, a company that provides pressure control services for oil and gas wells, in a stock and cash deal worth about $240 million.

Halliburton said Boots & Coots shareholders will receive about $3 for each share of Boots & Coots they hold. That $3 consists of $1.73 in cash and $1.27 in Halliburton stock, according to the statement from Halliburton.

Shares in Boots & Coots closed at $2.35, down about 1.3 percent. Halliburton shares closed at $31.57, down 9 cents or about 0.3 percent.

The deal will be accretive in the first full year of operation, Halliburton said.

The second largest oilfield services company will create a new product service line combining its existing coiled tubing and hydraulic workover operations with Boots & Coots' intervention services and its pressure control business.

(Reporting by Elinor Comlay; editing about Carol Bishopric)

FILED UNDER:
We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (1)
mottom wrote:
That’s a bad deal. The directors need to reject this offer. Think of all the jobs that will be eliminated.

Apr 09, 2010 10:11pm EDT  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.