Oilfield services provider Baker Hughes, a GE company, has announced its name change to Baker Hughes Company.
The company will be known as Baker Hughes and, on Friday, October 18, 2019, its Class A common stock will begin trading on the New York Stock Exchange under the symbol “BKR”, Baker Hughes said on Thursday.
Baker Hughes is an energy technology company, with a portfolio that spans the entire energy value chain.
According to the company, its new name and brand better reflect its current and intended principal business operations and diversified portfolio.
These changes follow the recently-completed secondary offering of shares of Class A common stock and concurrent share repurchase, bringing General Electric Company and its affiliates’ ownership in the company to below 50 percent of the voting power of all classes of the company’s voting stock.
To remind, Baker Hughes was taken over by GE in July 2017, creating Baker Hughes, a GE company (BHGE). However, GE decided to sell Baker Hughes only a year after the acquisition.
Namely, in June 2018 GE revealed its plan to divest its equity ownership position in Baker Hughes, a GE Company (BHGE) – a 62.5% interest -“in an orderly manner” over the next two to three years.
In November 2018, Baker Hughes and GE signed a series of agreements meant to accelerate the orderly separation of BHGE from GE.
In mid-September 2019, BHGE announced the closing of a secondary offering of 132.25 million shares of BHGE Class A common stock, par value $0.0001 per share by General Electric Company (GE) and GE Oil & Gas US Holdings I, Inc., GE Holdings (US), Inc. and GE Oil & Gas US Holdings IV, Inc. at a price to the public of $21.50 per share.
As a result of this offering, GE and its affiliates ceased to hold more than 50% of the voting power of all classes of BHGE’s voting stock. Among other things, this reduced the number of individuals who GE is entitled to designate to BHGE’s board of directors from five to one.
— Baker Hughes (@bakerhughesco) October 8, 2019
Offshore Energy Today Staff
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