Halliburton to acquire Boots & Coots

Halliburton has entered into a definitive merger agreement to acquire all of the outstanding stock of Boots & Coots in a stock and cash transaction valued around $240 million.

Following completion of the transaction, a new product service line within Halliburton will be created to include Halliburton's existing coiled tubing and hydraulic workover operations and Boots & Coots’ intervention services and pressure control business. Boots & Coots' management will be retained to lead Halliburton's Boots & Coots product service line with operating results reported through Halliburton's Completion and Production reporting segment. Halliburton expects the acquisition to be accretive in the first full year of operation.

Under the merger agreement, Boots & Coots stockholders will receive $3.00 per share for each share of Boots & Coots common stock they hold, comprised of $1.73 in cash and $1.27 in Halliburton common stock, subject to election, proration features and an exchange ratio based on Halliburton's five-day average share price prior to closing as further described in the merger agreement.

The Boards of Directors of both Halliburton and Boots & Coots have approved the transaction, which is expected to close in the summer of 2010, subject to regulatory approvals, approval by Boots & Coots' stockholders and other conditions.