April 10, 2010 / 1:31 AM / 8 years ago

Halliburton agrees to buy Boots & Coots

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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