UPDATE 1-Baker Hughes acquires 5 pct of ADNOC Drilling for $550 million | Reuters

UPDATE 1-Baker Hughes acquires 5 pct of ADNOC Drilling for $550 million | Reuters:

Baker Hughes, the world’s second-largest oil services company, will take a 5 percent stake in Abu Dhabi National Oil Company’s (ADNOC) drilling unit for $550 million under a tie-up announced on Monday.

Baker Hughes (BHGE) becomes the first foreign company to take a stake in one of state-owned ADNOC’s services companies under the agreement which values ADNOC Drilling at about $11 billion.

It will allow Baker Hughes to cement its presence in the Middle East, the fastest growing region for oil and gas operations, and enable ADNOC Drilling to gain access to the know-how and technical expertise of a global player.