Weatherford to sell pipeline business to Baker Hughes

Weatherford International Ltd. (NYSE: WFT) will sell its pipeline and specialty services business to a subsidiary of Baker Hughes Inc. (NYSE: BHI) for $250 million, which will include $241 million in cash and $9 million in retained working capital.

The sale is part of Weatherford’s restructuring plan. For this restructuring, the company expects to divest four businesses by the end of 2014 and to eliminate more than 6,000 employees in the first half of the year.

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