HOUSTON (Legal Newsline) — Baker Hughes Incorporated and General Electric Company announced June 12 that they have reached an agreement with the U.S. Department of Justice (DOJ) to continue their proposed transaction.
In a recent statement, the companies believe the agreement is a step toward creating “an oil and gas productivity leader positioned to deliver value for customers, employees and shareholders.”
GE agreed to divest its GE Water & Process Technologies business (GE Water) after closing the Baker Hughes deal. It will sell the business to Suez for $3.4 billion. According to GE and Baker Hughes, this is the only requirement of the DOJ agreement.
The companies also announced that their transaction has been given clearance by the European Commission. Baker Hughes shareholders were to have voted on the transaction June 30.
“We look forward to completing our transaction and continue to target a midyear close,” the companies stated.
Baker Hughes is a leading supplier of oilfield services, products, technology and systems to the oil and gas industry worldwide, while GE Oil & Gas is division of GE seeking to invent the next industrial era in the oil and gas sector.