Last week, shares of Baker Hughes surged after reports emerged that it was in talks with Halliburton regarding a possible acquisition. After last week’s rumors, Halliburton confirmed today that it now plans to acquire all outstanding shares of Baker Hughes for $78.62 per share – a total value of $34.6 billion.

This deal comes after a huge decline in oil prices over the past few months. It is possible that more deals like this one will happen in the near future as companies continue to struggle with plunging oil prices.

The deal is subject to regulatory approval and could face antitrust concerns.

This deal adds to the many major acquisitions that have already taken place in 2014. Major news events are very important for mutual fund investors to be aware of – even if the funds you own only have a small stake in the affected companies.