Baker Hughes, GE secure EU approval of $32B oil & gas deal
June 01, 2017
Oil and Gas Equipment | Houston, TX | Corporate Acquisition
Baker Hughes (NYSE: BHI) and General Electric (NYSE: GE) have secured the European Commission's approval for the pair's proposed merger of their oil & gas businesses, keeping the transaction on track to close sometime in the middle of this year. The deal, which will create the world's second-largest oilfield services provider at roughly $32 billion in revenue, was first announced in late October. Securing EU approval was far from a foregone conclusion, however, as Halliburton failed to acquire Baker Hughes after US and European antitrust regulators stopped that $28 billion deal last year.