Halliburton Confirms Baker Hughes Deal

Shares of Baker Hughes Incorporated BHI are up sharply Monday morning as Halliburton Company HAL confirmed it will buy Baker Hughes.

Under the terms of the deal, Halliburton will acquire all of the outstanding shares of Baker Hughes in a stock and cash transaction valued at $78.62 per Baker Hughes share, or $34.6 billion.

Following the announcement, shares of Baker Hughes recently traded at $69.59, up 16 percent.

Shares of Halliburton recently traded at $52.55, down 4.6 percent.