GENERAL ELECTRIC TO SPIN OFF BAKER HUGHES AND GE HEALTHCARE
The Houston Business Journal and the main news agencies reported that Boston based General Electric Co. (GE) plans to fully separate the oilfield services giant Baker Hughes over the next two or three years. In July 2017 General Electric and Baker Hughes announced that the transaction combining GE’s oil and gas business with Baker Hughes was complete and BHGE created.
The merger with GE’s oil and gas division created a new company with a stock market value of more than $35 billion and vaulted Baker Hughes from a distant third in energy services to the second largest, behind Schlumberger and slightly ahead of Halliburton. The deal was widely viewed as a good fit that combined Baker Hughes’ strengths in drilling and equipment with GE’s breadth and international scale.
GE’s board of directors also approved the plan to separate GE Healthcare that would become a standalone company. BHGE and GE Healthcare will be the final units exited as part of an ongoing effort to sell $20 billion worth of assets. After the separations, GE will concentrate on its aviation, power and renewable energy businesses. (Source: Houston Business Journal – Image: GE)
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