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Baker Hughes & GE Reach Agreement with DOJ to Complete Proposed Transaction

Source: www.gulfoilandgas.com 6/12/2017, Location: North America

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Baker Hughes and General Electric Company have reached an agreement with the Department of Justice that would allow the parties to complete their proposed transaction under U.S. law. The 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 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. GE looks forward to completing the transaction and continues to target a mid-year close.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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