GE: combination with Baker Hughes now complete.
(CercleFinance.com) - GE has completed the combination of its oil and gas business with Baker Hughes in just eight months, the US diversified industrial giant said on Tuesday.
The new group, called "BHGE" - which aims to be a leader in the oilfield services sector - will be dual headquartered in Houston, Texas and London, GE said.
Under the terms of the transaction agreement, which was originally announced in October 2016, GE owns a 62.5% stake in the partnership, while Baker Hughes' historic shareholders have a 37.5% interest.
The deal intends to capitalise on the current cycle in oil and gas and the company's position for a market recovery, GE said.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The new group, called "BHGE" - which aims to be a leader in the oilfield services sector - will be dual headquartered in Houston, Texas and London, GE said.
Under the terms of the transaction agreement, which was originally announced in October 2016, GE owns a 62.5% stake in the partnership, while Baker Hughes' historic shareholders have a 37.5% interest.
The deal intends to capitalise on the current cycle in oil and gas and the company's position for a market recovery, GE said.
Copyright (c) 2017 CercleFinance.com. All rights reserved.