Baker Hughes’ $5.5 billion bid for BJ Services wins shareholder approval

Shareholders of oil service companies Baker Hughes and BJ Services have approved the companies’ plan to merge.

Baker Hughes announced in August that it will buy BJ Services in a cash-and-stock deal valued at $5.5 billion. The combined company is expected to provide a one-stop shop for a variety of oilfield services, and allows Baker Hughes to diversify its product offering and to compete better with rivals Schlumberger and Halliburton.

The companies, both based in Houston, said that they expect the merger to close in early April following approval by federal regulators.

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