HOUSTON – Halliburton Co. (NYSE: HAL) will separately sell its fixed cutter and roller cone drill bits, directional drilling, and logging-while-drilling/measurement-while-drilling businesses.
“Although we would prefer to retain these assets, we will be required to divest some of our overlapping businesses to obtain competition authorities’ approvals as anticipated when we announced the Halliburton-Baker Hughes transaction,” said Dave Lesar, chairman and CEO of Halliburton.
Halliburton will operate as one company, including the businesses held for sale, until the sale of the identified businesses is complete.
The final sale of these businesses will not be completed until there are acceptable terms and conditions negotiated by Halliburton, the approval of Halliburton’s board of directors, and final approvals of the Baker Hughes acquisition by competition authorities.
The acquisition closing is expected in the second half of 2015.