By Josh Beckerman
Halliburton Co., which is seeking regulatory approval for its
roughly $35 billion purchase of Baker Hughes Inc., plans to sell
three drilling business.
The three businesses are drill bits, directional drilling and
its LWD/MWD businesses, which are logging while drilling and
measurement while drilling. The divisions will be marketed
separately, the oilfield-service company said Tuesday.
"Although we would prefer to retain these assets, we will be
required to divest some of our overlapping businesses to obtain
competition authorities' approvals as anticipated when we announced
the Halliburton-Baker Hughes transaction," Halliburton said.
Halliburton expects to complete the sale of the businesses in
the same time frame as the closing of the Baker Hughes deal late in
the second half of 2015.
In February, the companies said they received an expected second
request for additional information from antitrust regulators.
Halliburton and others in the industry have cut jobs following a
sharp decline in oil prices.
In January, Halliburton reported higher earnings and revenue for
its December quarter but warned that 2015 would be challenging.
Write to Josh Beckerman at josh.beckerman@wsj.com
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