GE Announces Completion of GE Oil & Gas and Baker Hughes Merger
03 Julio 2017 - 9:35AM
Business Wire
GE (NYSE:GE) announced today the completion of the previously
announced combination of GE’s oil and gas business with Baker
Hughes. Baker Hughes, a GE company (NYSE:BHGE) is the first and
only company to bring together industry-leading equipment, services
and digital solutions across the entire spectrum of oil and gas
development.
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BHGE provides differentiated services for customers by combining
digital solutions and technology from the GE Store with the domain
expertise of Baker Hughes and its culture of innovation in the
oilfield services sector. No other company brings together
capabilities across the full value chain of oil and gas
activities—from upstream to midstream to downstream. This
fullstream portfolio positions BHGE to create new sources of value,
improving productivity and project economics through integrated
equipment and service offerings.
Jeff Immelt, Chairman and CEO of GE and Chairman of BHGE, said,
“BHGE is an industry leader positioned to deliver in any economic
environment and assist our customers in driving productivity. This
deal capitalizes on the current cycle in oil and gas while also
strengthening our position for the market recovery. I am extremely
proud of the GE and Baker Hughes teams for completing the
combination in just eight months, which is a testament to the
team’s unwavering focus and dedication since the announcement last
October. As we go forward, the new fullstream offering accelerates
our ability to extend a digital framework to customers while
delivering world-class technical innovation and service execution.
We look forward to continuing a seamless integration for our
customers.”
Under the terms of the transaction agreement, which was
previously announced on October 31, 2016, the transaction resulted
in a partnership structure, pursuant to which Baker Hughes was
converted to a partnership and GE contributed its Oil & Gas
business into that partnership. GE has a 62.5% interest in this
partnership and legacy Baker Hughes shareholders have a 37.5%
interest through their ownership of BHGE. Former Baker Hughes
shareholders, whose shares converted into shares of Class A common
stock of BHGE in the transaction, are also entitled to receive a
special one-time cash dividend of $17.50 per share (to be paid on
July 6, 2017). $7.4 billion was contributed by GE to the new
partnership, which will be used to fund the cash dividend to legacy
Baker Hughes shareholders.
Baker Hughes, a GE company is dual headquartered in Houston,
Texas and London, UK.
Click here to view a snapshot of the company.
Stock Exchange Trading
Class A common stock of Baker Hughes, a GE company will begin
trading on the New York Stock Exchange (NYSE) under the symbol BHGE
on the opening of the NYSE on July 5, 2017. In connection with the
completion of the transaction, the shares of common stock of Baker
Hughes Incorporated (NYSE: BHI) will continue to trade on the NYSE
until the close of the NYSE today, July 3, 2017, at which point BHI
will be delisted from the NYSE.
About GE
GE is the world’s Digital Industrial Company, transforming
industry with software-defined machines and solutions that are
connected, responsive and predictive. GE is organized around a
global exchange of knowledge, the "GE Store," through which each
business shares and accesses the same technology, markets,
structure and intellect. Each invention further fuels innovation
and application across our industrial sectors. With people,
services, technology and scale, GE delivers better outcomes for
customers by speaking the language of industry. www.ge.com
Caution Concerning Forward-Looking Statements:
This document contains "forward-looking statements" – that is,
statements related to future events that by their nature address
matters that are, to different degrees, uncertain. For details on
the uncertainties that may cause our actual future results to be
materially different than those expressed in our forward-looking
statements, see
http://www.ge.com/investor-relations/disclaimer-caution-concerning-forward-looking-statements
as well as our annual reports on Form 10-K and quarterly reports on
Form 10-Q. We do not undertake to update our forward-looking
statements. This document also includes certain forward-looking
projected financial information that is based on current estimates
and forecasts. Actual results could differ materially.
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GEInvestors:Matt Cribbins, +1 617 443
3400matthewg.cribbins@ge.comorMedia:Jennifer Erickson, +1 646 682
5620jennifer.erickson@ge.com
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