Weatherford Nets $250M In Sale Of Pipeline Business

Law360, New York (March 24, 2014, 4:28 PM EDT) -- Switzerland-based Weatherford International Ltd. has sold its pipeline and specialty services unit to Houston-headquartered Baker Hughes Inc. for about $250 million, the companies said Monday, in a deal that is in line with Weatherford's continued effort to shed non-core businesses.

The deal sees an undisclosed subsidiary of Baker Hughes acquiring the pipeline and specialty services business of Weatherford for $241 million in cash and about $9 million working capital. According to a Monday news release on the transaction, the divestment is part of Weatherford's previously announced...
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