The European Commission has cleared the proposed transaction between Baker Hughes and GE’s oil and gas business under EU merger control rules.
After concluding that the transaction would not adversely affect competition in relevant markets, the commission has cleared unconditionally under the merger regulation the acquisition of Baker Hughes Incorporated by General Electric Company, both of the U.S.
The commission investigated markets where both companies are active including onshore and offshore electrical submersible pumps, refining chemicals and drilling and wireline sensors.
In a statement regarding the commission’s approval on Wednesday, the two companies stated they remain confident in the value that the combined company will deliver to its customers, employees, shareholders and to the oil and gas industry.
Baker Hughes and GE continue to work constructively with regulators and expect to close the transaction in mid-2017, the joint statement concluded.
To remind, the pair announced last October it would combine to create the second largest oilfield technology provider. The new company will be an equipment, technology and services provider in the oil and gas industry with $32 billion of combined revenue and operations in more than 120 countries.
Offshore Energy Today Staff