Halliburton and Baker Hughes will sell additional businesses in connection with the former’s pending acquisition of its smaller rival.
In November last year Halliburton announced its proposed acquisition but in recent month it has run into regulatory hurdles with US antitrust enforces who believe the merger will lead to higher prices and less innovation.
Halliburton said in April that it would sell three of its drilling businesses and on Monday said it had received proposals from multiple interested parties for each business.
Halliburton also said it would additionally divest its expandable liner hangers business, while Baker Hughes will divest three businesses.
Baker Hughes will divest its core completions business, its sand control business in the Gulf of Mexico and its offshore cementing businesses in Australia, Brazil, the Gulf of Mexico, Norway and the United Kingdom.
The companies also said they have agreed with the U.S. Department of Justice to further extend by three weeks the earliest closing date of the department’s review.
Now, the review will, at the earliest, close on the later of December 15 – from the current date of November 25 – or 30 days after the date on which the two companies fully comply with the DOJ’s second request.
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