HALLIBURTON ENTERS INTO AGREEMENT TO ACQUIRE MULTI-CHEM
Halliburton (NYSE: HAL) has entered into a definitive agreement to acquire Multi-Chem Group, LLC (“Multi-Chem”). Founded in 1993, Multi-Chem is a leading provider of oilfield production and completion chemicals and services that address production, processing and transportation challenges. The company has provided chemicals and services to over 30,000 producing oil and natural gas wells across North America.
“Today’s increasingly complicated reservoirs and their diverse, multi-phase flow regimes demand a comprehensive approach to production optimization.” said Marc Edwards, senior vice president of Halliburton Completion and Production Division. “Integrating fracture stimulation design with life-of-well chemistry solutions will enable our customers to optimize reservoir management and positively impact production decline curves.”
James Archer, President and CEO of Multi-Chem, further commented “The combination of Multi-Chem and Halliburton creates exciting possibilities for our customers and employees. There are tremendous opportunities to capitalize on Halliburton’s deep customer relationships and international presence to accelerate Multi-Chem’s growth.”
The acquisition is subject to regulatory approvals and other customary closing conditions. The parties expect to obtain all required regulatory clearances during the fourth quarter of 2011.