Expro, which is a UK oil services company, is a hot property. The company recently agreed to a £1.6 billion buyout from a group of private equity firms, which include Candover Partners, Goldman Sachs Capital Partners (NYSE: GS) and Alpinvest Partners N.V.
Now, Halliburton (NYSE: HAL) is making a play for Expro. The offer is £1.71 billion (which comes to about $3.38 billion).
Of course, high crude prices are driving the deal. What's more, Halliburton needs to expand its international footprint as the US business languishes. Another benefit: Expro has some key technologies that allow for deep drilling capabilities.
But, in light of the quick changes in the oil landscape – as well as the possibility of other suitors coming to the table – we are likely to see more bids for Expro.
Tom Taulli is the author of various books, including The Complete M&A Handbook
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