Halliburton to acquire Magic Earth in $100 million stock swap

Halliburton Co., Dallas, Tex., has agreed to acquire Magic Earth Inc., a 3D visualization and interpretation technology company, in a stock-for-stock transaction worth $100 million. Magic Earth will become a wholly owned subsidiary of Halliburton and operate as a separate business unit.

April 30, 2001

By the OGJ Online Staff

HOUSTON, Apr. 30 -- Halliburton Co., Dallas, Tex., has agreed to acquire Magic Earth Inc., a 3D visualization and interpretation technology company, in a stock-for-stock transaction worth $100 million.

Magic Earth will become a wholly owned subsidiary of Halliburton and operate as a separate business unit.

Halliburton said the acquisition will bring together unit Landmark Graphics' E&P software solutions and Magic Earth's solutions. The two companies will collaborate and integrate key technologies.

Magic Earth will also be able to utilize Landmark's sales distribution channels.

Dave Lesar, chairman, president, and CEO of Halliburton, said, "This strategic acquisition is not expected to be dilutive to earnings in 2001, and is expected to be accretive next year."