HOUSTON (CN) - Halliburton will buy out rival Baker Hughes in a stock and cash deal valued at $34 billion, the oil-field service company announced Monday.
The two Houston-based firms are the second and third largest oil-field service companies in the world, but their merger would put them ahead of the current leader, Schlumberger, as the biggest oil field service provider in North America.
Baker Hughes shareholders will receive the equivalent of $78.62 per share under the deal, Halliburton said in a statement.
No shareholder has yet challenged the deal in court, and federal regulators could open an inquiry to address antitrust concerns.
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