Baker Hughes to Buy BJ Services for $5.5 Billion

by Jordan Yerman | August 31, 2009 at 09:22 am

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Baker Hughes is buying BJ Services for $5.5 billion. This is the largest oilfield extraction services takeover in 11 years. Baker Hughes BJ Sevices is a pressure-pumping service, which Baker Hughes, a globally-active oil services company, does not provide:

BJ Services is the third-biggest provider of so-called pressure-pumping services, whereby slurry, often sand and water, is injected into a well to stimulate production.

The announcement of the deal boosted BJ Services' stock, but not that of Baker Hughes.