Halliburton said on Friday it agreed to buy Boots & Coots , a company that provides pressure control services for oil and gas wells, in a stock and cash deal worth about $240 million.

Halliburton said Boots & Coots shareholders will receive about $3 for each share of Boots & Coots they hold. That $3 consists of $1.73 in cash and $1.27 in Halliburton stock, according to the statement from Halliburton.

Shares in Boots & Coots closed at $2.35, down about 1.3 percent. Halliburton shares closed at $31.57, down 9 cents or about 0.3 percent.

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

The second largest oilfield services company 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.

(Reporting by Elinor Comlay; editing about Carol Bishopric)