Staff and GE Reports · 2 min read
GE announced earlier this week the completion of a $23 billion merger of GE’s oil and gas business with Houston-based energy services firm Baker Hughes.
The merged company — Baker Hughes, a GE company — creates the world’s second largest firm of its kind, according to the Houston Chronicle.
According to GE, it is the first company to bring together industry-leading equipment, services and digital solutions across the entire spectrum of oil and gas development.
The merger will place the Bently Nevada GE Oil & Gas facility in Minden under the new BHGE label.
GE Energy acquired Bently Nevada in February 2002 and has continued to design, manufacture and market condition monitoring instrumentation products and services within the Bently Nevada product line in the time since.
It has remained one of Douglas County’s largest employers over the years.
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 percent interest in the partnership and legacy Baker Hughes shareholders have a 37.5 percent interest through their ownership of BHGE.
Class A common stock of Baker Hughes, a GE company began trading on the New York Stock Exchange (NYSE) under the symbol BHGE on the market’s opening on July 5.
[embeddoc url=”http://carsonvalleytimes.com/wp-content/uploads/2017/07/BHGE101-Infographic.pdf” height=”800px”]