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Baker Hughes, GE merger gets nod from U.S.

Baker Hughes, GE merger gets nod from U.S.

Jun 13, 2017
2 min read
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U.S. energy giant GE and services giant Baker Hughes have announced that they have reached an agreement with the Department of Justice (DOJ) that will allow a merger between the companies' oil and gas businesses to proceed.

In a statement Baker Hughes said it will let its shareholders vote on 30 June. Both firms are aiming to complete the deal later this year.

The proposed merger recently received clearance from the European Commission to complete the transaction.

As part of the deal GE has agreed that it will divest its GE Water & Process Technologies business after closing the Baker Hughes transaction. GE announced in March that it had agreed to sell GE Water to Suez for US$3.4 billion.

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