Baker Hughes and GE have gained clearance from the European Commission (EU) for the duo’s proposed merger.
“The companies remain confident in the value that the combined company will deliver to its customers, employees, shareholders and to the oil and gas industry. Baker Hughes and GE continue to work constructively with regulators and expect to close the transaction in mid-2017,” the two companies said.
The two teamed up in October 2016 to form the “new” Baker Hughes, which will be led by current GE Oil & Gas CEO Lorenzo Simonelli and have dual headquarters in Houston and London.
The deal will combine GE’s oil and gas business and Baker Hughes, in what the two companies say will be a leading equipment, technology and services provider with US$32 billion of combined revenue and operations in more than 120 countries.
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