Davis Polk Advises Baker Hughes on Its Combination with Halliburton

Davis Polk is advising Baker Hughes Incorporated on its acquisition by Halliburton Company in a stock-and-cash transaction, representing an equity value of $34.6 billion and enterprise value of $38.0 billion. Under the terms of the agreement, stockholders of Baker Hughes will receive, for each Baker Hughes share, a fixed exchange ratio of 1.12 Halliburton shares plus $19.00 in cash. The transaction, which is expected to close in the second half of 2015, is subject to approvals from each company’s stockholders, regulatory approvals and customary closing conditions.

Baker Hughes is a leading supplier of oilfield services, products, technology and systems to the worldwide oil and natural gas industry. Founded in 1919, Halliburton is one of the world’s largest providers of products and services to the energy industry.

The Davis Polk corporate team includes partners Arthur F. Golden, George R. Bason Jr. and Michael Davis and associates Laura C. Turano and Robert Rosen. Partner Jeffrey P. Crandall and counsel Ron M. Aizen are providing executive compensation advice. Counsel Betty Moy Huber is providing environmental advice. Partner Avishai Shachar is providing tax advice. All members of the Davis Polk team are based in the New York office.

Source:  www.davispolk.com