UK Competition Watchdog Okays Baker Hughes-Altus Deal

Wednesday, March 1, 2023

UK's competition regulator said on Wednesday it has cleared oilfield services firm Baker Hughes Co's acquisition of Altus Intervention after the companies took steps to allay concerns raised by the watchdog.

The Competition and Markets Authority (CMA) said it was satisfied with the revised undertakings provided, including the Baker Hughes decision to sell its coil tubing and pumping services in the UK to Archer (UK) Ltd.

The CMA had said in November that it was concerned that the loss of rivalry between the merging companies could lead to higher prices, reduced choice and lower quality services for businesses in the UK that purchase coiled tubing and pumping services.

Baker Hughes and Altus supply numerous well intervention services in the UK, which are important services used by oil and gas operators to regulate production and improve a well's state or arrangement.

(Reuters - Reporting by Aby Jose Koilparambil and Anchal Rana; Editing by Shailesh Kuber)

Categories: Mergers & Acquisitions Industry News Activity Workover Well Intervention

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