U.S. DoJ Approves Baker Hughes – GE Merger
Baker Hughes and GE have reached an agreement with the Department of Justice that would allow the parties to complete their proposed transaction under U.S. law.
Pursuant to a proposed consent decree filed in District Court in Washington, D.C., GE has agreed that it will divest its GE Water & Process Technologies business (GE Water) after closing the Baker Hughes transaction.
GE announced in March that it had agreed to sell GE Water to Suez for $3.4 billion. No other remedies are required by today’s proposed consent decree.
The companies also recently received clearance from the European Commission to complete the transaction without conditions, and Baker Hughes scheduled its shareholders vote for June 30.
The two companies have already announced the executive team that will lead Baker Hughes, a GE company upon closing of their proposed transaction.
Baker Hughes and GE said they expect to close the transaction in mid-2017.