New York - Halliburton, the world's second biggest oil services company, will acquire rival Baker Hughes for $34.6bn in cash and equity, the two companies announced in a joint press release on Monday.
"We are pleased to announce this combination with Baker Hughes, which will create a bellwether global oilfield services company and offer compelling benefits for the stockholders, customers and other stakeholders of Baker Hughes and Halliburton," Dave Lesar, Halliburton's chief executive, said in a statement.