Halliburton Buys Boots & Coots

HOUSTON (TheStreet) -- Halliburton(HAL) has reached a deal to acquire all of the outstanding stock of Boots & Coots (WEL) in a stock and cash deal worth about $240 million.

Boots & Coots shareholders will receive about $3 for each share of Boots & Coots they hold, consisting of $1.73 in cash and $1.27 in Halliburton stock, according to a statement from Halliburton.

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. Halliburton expects the acquisition to be accretive in the first full year of operation.

The transaction is expected to close in the summer of 2010, Halliburton said.

Follow TheStreet.com on Twitter and become a fan on Facebook.

>To order reprints of this article, click here: Reprints