GE Oil & Gas, Baker Hughes merger nearing completion
Baker Hughes Inc. and General Electric Co. have reached an agreement with the Department of Justice that would allow the parties to complete their proposed transaction under US law.
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 (GE Water) 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.
The companies said that they continue to target a mid-year close.