Halliburton agrees to buy Boots & Coots

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

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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)

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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
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