Houston-Based Halliburton Plans To Sell Spate Of Businesses
HOUSTON — Oil and gas drilling services company Halliburton plans to sell several businesses in order to complete its $34.6 billion acquisition of competitor Baker Hughes.
Houston-based Halliburton said Tuesday that it will sell its directional drilling and logging- and measurement-while-drilling businesses and part of its drill bits division. Halliburton will market the businesses separately.
The sales will not close until regulators approve Halliburton’s planned purchase of Baker Hughes.
Halliburton moved to buy Baker Hughes as global oil prices tumbled in 2014. The reduced price of oil forced companies to cut costs by delaying or reducing drilling. That hurt both Halliburton and Baker Hughes, which manages oil and gas fields for energy companies.