Halliburton to Record Second-Quarter Gain on Sale of Division

Halliburton(HAL Quote) completed the sale of Dresser Equipment Group to an investor group for about $1.55 billion in cash and assumed liabilities, and the company will record a gain of about $300 million, or 69 cents a share, in the second quarter.

The largest members of the investment group are First Reserve and Odyssey Investment Partners. A unit of the oil services concern will retain a 5.1% stake in Dresser Equipment. The company expects to net about $1 billion in cash after taxes and expenses associated with the sale.

Shares of Halliburton, which is based in Dallas, gained $1.01, or 2.9%, to $36.40 at the close of New York Stock Exchange trading.