By OGJ editors
HOUSTON, Apr. 21 -- Schlumberger Ltd. plans to pay $2.4 billion for Baker Hughes Inc.'s 30% minority share in WesternGeco, a seismic joint venture between the two companies.
Baker Hughes's board approved the sale, which is expected to close by Apr. 30. Baker Hughes plans to use the net cash proceeds to repurchase stock.
WesternGeco was formed in mid-2000 through the combination of the seismic fleets, data processing assets, surveys, and other assets of Schlumberger's Geco-Prakla unit with Baker Hughes's Western Geophysical unit (OGJ, June 12, 2000, p. 28).
