Halliburton and Baker Hughes extend timeframe to complete DOJ review

MarketsAssociated Press

Halliburton Co. and Baker Hughes Inc. said Friday that they have extended the timeline for completing the U.S. Department of Justice's antitrust review of its plans to combine.

The companies decided in 2014 that Halliburton would buy rival oilfield services company Baker Hughes in a deal worth $34.6 billion. But the companies have been waiting for regulatory approval to complete the transaction.

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Halliburton and Baker Hughes said they now have agreed to complete the review process by Nov. 25 or 90 days after both have certified substantial compliance with the DOJ's second request. Both companies expect to complete this step by mid-summer.

The companies now expect the deal to close no later than Dec. 1.