Oil services giant Halliburton said it has agreed to buy Boots & Coots, which provides pressure control services for oil and gas wells, in a stock and cash deal worth about $240m.

Halliburton said Boots & Coots shareholders will receive about $3 for each share of Boots & Coots they hold, reports Reuters.

The deal will be accretive in the first full year of operation, Halliburton said.

Halliburton said it will create a new product service line combining its existing coiled tubing and hydraulic workover operations with Boots & Coots’ intervention services and its pressure control business.

On Friday, shares in Boots & Coots closed at $2.35, down about 1.3%. Halliburton shares closed at $31.57, down 9¢ or about 0.3%.