Oilfield service provider Baker Hughes said its combination with GE’s oil and gas unit has been completed, creating a “fullstream oil and gas company.”
The new company is the first and only to bring together industry-leading equipment, services and digital solutions across the entire spectrum of oil and gas development, Baker Hughes said on Monday.
The new company will focus on providing a fullstream offering, combining physical and digital to increase reliability and uptime.
Lorenzo Simonelli, president and CEO of Baker Hughes, a GE company said, “Disruptive change is the oil and gas industry’s new normal. We created BHGE because oil and gas customers need to withstand volatility, work smarter and bring energy to more people.”
Baker Hughes added that the integration of the Russian businesses will be completed upon receipt of Russian regulatory approval.
Stockholders of Baker Hughes immediately prior to the closing of the transaction will receive one share of Class A common stock of Baker Hughes, a GE company and will also be entitled to a special one-time cash dividend of $17.50 per share (to be paid on July 6, 2017).
Class A common stock of Baker Hughes, a GE company will begin trading on the New York Stock Exchange (NYSE) under the symbol BHGE on the opening of the NYSE on July 5, 2017.
Baker Hughes will own 37.5 percent of the new company, while GE will own 62.5 percent of the company.