Boots & Coots sale step closer to done deal

Boots & Coots International Well Control Inc., who has a Houma office, will be acquired by Halliburton pending a Sept. 15 shareholders vote. The board of directors for both companies has already approved the deal, according to Boots & Coots Director of Communication Jennifer Tweeton.

The takeover will be for approximately $240.4 million, or $3 per each share on March 2. Boots & Coots had 80.13 million shares at the time, according to a regulatory filing.

As part of the deal, Boots & Coots stockholders will receive $1.73 in cash and $1.27 in Halliburton stock for each Boots share they own

The deal was announced April 9, when Halliburton said the combination of the companies’ technologies “will help us improve full life cycle returns for our customers.”

Both companies are headquartered in Houston. The Boots & Coots Houma location will not relocate, Tweeton said.

“Halliburton will actually take their well intervention group and move it under the Boots and Coots management, and it will still keep the Boots & Coots name,” she said.

Although it is not official, the takeover could add job opportunities within the company.

“I really can’t speculate on that, but it’s not going to be a lot of overlap with jobs, so it should create more opportunity for our guys,” Tweeton said.

The deal will become official with a majority vote by the shareholders.