Houston-based oilfield services giants Halliburton Co. (NYSE: HAL) and Baker Hughes Inc. (NYSE: BHI) announced late July 10 they have extended the timeframe to close their $34.6 billion megadeal.
The extension will give the Antitrust Division of the U.S. Department of Justice more time to review Halliburton’s planned acquisition of Baker Hughes. By midsummer, both companies expect to certify substantial compliance with the DOJ’s so-called “second request” for information to review the deal.
The newly announced timing agreement gives the DOJ until the later of Nov. 25 or 90 days after both companies have certified substantial compliance with the second request to review the deal. As such, Halliburton and Baker Hughes agreed to extend the time period for the closing of their deal to no later than Dec. 1. When the deal was announced in November, it was expected to close in the second half of 2015.
Meanwhile, Halliburton also noted it is discussing divesting more business units in addition to the previously announced sale of its Fixed Cutter and Roller Cone Drill Bits, Directional Drilling and Logging-While-Drilling/Measurement-While-Drilling businesses.