Baker Hughes and GE are one step closer to closing their proposed merger, after reaching an agreement with the US Department of Justice (DOJ), allowing the two companies to complete their proposed transaction under US law.
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Image from Baker Hughes. |
“Today’s milestone represents significant progress toward creating an oil and gas productivity leader positioned to deliver value for customers, employees and shareholders,” says Baker Hughes.
Pursuant to a proposed consent decree filed today (12 June) in District Court in
GE said in March that it had agreed to sell GE Water to Suez for
Baker Hughes and GE gained clearance from the European Commission last month.
The deal is up for vote on 30 June, at a scheduled Baker Hughes shareholders meeting.
“We look forward to completing our transaction and continue to target a mid-year close,” says Baker Hughes.
The deal, first struck on 31 October, will see the two companies form the “new” Baker Hughes, a company that will be led by current GE Oil & Gas CEO Lorenzo Simonelli. A list of executives to lead the new company was announced last week.
The merger will combine GE’s oil and gas business (GE Oil & Gas) and Baker Hughes, in what the two hope will be a leading equipment, technology and services provider with $32 billion of combined revenue and operations in more than 120 countries.
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