HOUSTON–(BUSINESS WIRE)–Baker Hughes Incorporated (NYSE:BHI) and General Electric Company (NYSE:GE) announced today that they have reached an agreement with the Department of Justice that would allow the parties to complete their proposed transaction under U.S. law. Today’s milestone represents significant progress toward creating an oil and gas productivity leader positioned to deliver value for customers, employees and shareholders.
Pursuant to a proposed consent decree filed today in District Court in Washington, D.C., GE has agreed that it will divest its GE Water & Process Technologies business (“GE Water”) after closing the Baker Hughes transaction. GE announced in March that it had agreed to sell GE Water to Suez for $3.4 billion. No other remedies are required by today’s proposed consent decree.
The companies also recently received clearance from the European Commission to complete the transaction without conditions, and Baker Hughes scheduled its shareholders vote for June 30. We look forward to completing our transaction and continue to target a mid-year close.
About Baker Hughes
Baker Hughes is a leading supplier of oilfield services, products, technology and systems to the worldwide oil and natural gas industry. The company’s 32,000 employees today work in more than 80 countries helping customers find, evaluate, drill, produce, transport and process hydrocarbon resources. For more information about Baker Hughes, visit: www.bakerhughes.com.
GE is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the “GE Store,” through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com
About GE Oil & Gas
GE Oil & Gas is inventing the next industrial era in the oil and gas sector. In our labs and factories, and in the field, we constantly push the boundaries of technology to solve today’s toughest operational & commercial challenges. We have the skills, knowledge and technical expertise to bring together the physical and digital worlds to fuel the future. Follow GE Oil & Gas on Twitter @GE_OilandGas or visit us at www.geoilandgas.com.