Halliburton, Baker Hughes extend acquisition closing

July 13, 2015

Halliburton Co. (NYSE: HAL) and Baker Hughes Inc. (NYSE: BHI) have agreed with the Antitrust Division of the US Department of Justice to extend the period for the DOJ’s review of Halliburton’s previously announced acquisition of Baker Hughes to the later of Nov. 25, 2015, or 90 days after both companies have certified substantial compliance with the DOJ’s second request.

Offshore staff

HOUSTON– Halliburton Co. (NYSE: HAL) and Baker Hughes Inc. (NYSE: BHI) have agreed with the Antitrust Division of the US Department of Justice (DOJ) to extend the period for the DOJ’s review of Halliburton’s previously announced acquisition of Baker Hughes to the later of Nov. 25, 2015, or 90 days after both companies have certified substantial compliance with the DOJ’s second request.

Both Halliburton and Baker Hughes expect to certify substantial compliance with the DOJ’s second requests, issued to each company, by mid-summer.

Consequently, Halliburton and Baker Hughes also have agreed to extend the time period for closing of the acquisition to no later than Dec. 1, 2015.

Halliburton and Baker Hughes continue to be in discussions with the DOJ, the European Commission, and other competition enforcement authorities with respect to the acquisition. As previously announced, Halliburton is currently marketing for sale its Fixed Cutter and Roller Cone Drill Bits, Directional Drilling, and Logging-While-Drilling (LWD)/Measurement-While-Drilling (MWD) businesses.

07/13/2015