Baker Hughes to merge with BJ Services

Oilfield services company Baker Hughes Inc. has agreed to merge with BJ Services Co. in a deal valued at $5.5 billion.

The value represents a 13 percent premium over Houston-based BJ Services’ Aug. 28 closing stock price of $15.43.

The merger will boost Baker Hughes’ pressure pumping business, which accounted for less than 1 percent of the company’s revenue in 2008, to about 20 percent of the combined revenue of the two companies, according to Baker Hughes. The consolidation also is expected to yield annual cost savings of about $75 million in 2010 and $150 million in 2011, the company said.

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- Posted: 2009-08-31 10:58:05

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