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HALLIBURTON AND BAKER HUGHES REACH AGREEMENT TO COMBINE IN STOCK AND CASH TRANSACTION VALUED AT $34.6 BILLION

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Combination Creates Global Oilfield Services Company with Unsurpassed Breadth and Depth of Products and Services

Baker Botts lawyers represent Halliburton in one of the largest energy deals of 2014.

Under the deal, Halliburton will acquire all the outstanding shares of Baker Hughes in a stock and cash transaction. The transaction is valued at $78.62 per Baker Hughes share, representing an equity value of $34.6 billion and enterprise value of $38.0 billion, based on Halliburton’s closing price on November 12, 2014, the day prior to public confirmation by Baker Hughes that it was in talks with Halliburton regarding a transaction. Upon the completion of the transaction, Baker Hughes stockholders will own approximately 36 percent of the combined company.

The transaction combines two highly complementary suites of products and services into a comprehensive offering to oil and natural gas customers. On a pro-forma basis the combined company had 2013 revenues of $51.8 billion, more than 136,000 employees and operations in more than 80 countries around the world.

Baker Botts along with Wachtell, Lipton, Rosen & Katz acted for Halliburton.

Baker Botts lawyers involved in the deal included: Corporate: Kelly Rose, David Kirkland, Steve Massad, Jim Marshall, Carina Antweil, John Geddes, Travis Wofford, Lakshmi Ramanathan, Jamie Yarbrough, Sarah Dodson and Heather Hewitt, in Houston; Sarah Berens, in New York;  Antitrust/Competition: Sean Boland, Paul Cuomo, Tom Fina, Chris Cooper, Ryan Foley, Matthew Adler, in Washington; Catriona Hatton, Georg Berrisch, David Cardwell, Elena Cortes, Simina Suciu, in Brussels; Finance: Martin Toulouse, John Finelli and Jenny Zhang, in New York; Employee Benefits: Gail Stewart and Chris Pratt, in Houston; Tax: Don Lonczak and Peter Farrell, in Washington; and Richard Husseini, in Houston.

Additional assistance was provided by: David Sterling, Danny David and Herman Russ in Houston; Mark Miller and Jeffrey Munk in Washington; Aileen Hooks in Austin; and Luke Pedersen, in Washington.

Wachtell, Lipton, Rosen & Katz lawyers included Dan Neff, David Katz, Greg Ostling and Victor Goldfeld.

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