GE merges oil and gas business

Posted on 08 Aug 2017 and read 353 times
GE merges oil and gas businessGE has completed the merger of its oil and gas business with Baker Hughes.

BHGE, as the organisation is now known, provides “differentiated services” for customers by combining digital solutions and technology from GE with the expertise of Baker Hughes in the oilfield services sector.

Under the terms of the agreement, Baker Hughes has converted to a partnership that includes GE’s oil and gas business. GE has a 62.5% interest in this partnership structure, while legacy Baker Hughes shareholders have a 37.5% interest.

Jeff Immelt, chairman and CEO of GE (and chairman of BHGE pictured), said: “This deal capitalises on the current cycle in oil and gas, while also strengthening our position ready for the market recovery.

“I am extremely proud of the GE and Baker Hughes teams for completing the merger in just eight months.”

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