Halliburton to buy Baker Hughes for $35 billion

Halliburton has agreed to purchase Baker Hughes Inc. in a cash-and-stock deal valued at $34.6 billion.

Shares of Baker Hughes jumped 17% to $70 in premarket trading following the announcement, according to MarketWatch. The transaction is valued at $78.62 for each share of Baker Hughes, and is expected to close in the second half of 2015.

MarketWatch notes that shareholders in Baker Hughes should receive 1.12 Halliburton shares plus $19 in cash for each share they own.

As previously reported, analysts say the deal is likely to face considerable regulatory and business challenges.

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