Baker Hughes, GE Reach Merger Agreement with DOJ

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Baker Hughes and General Electric Company reached an agreement with the Department of Justice on Monday that would allow the parties to complete their proposed merger.

Pursuant to a proposed consent decree filed in District Court in Washington, D.C., GE agreed it will divest its GE Water & Process Technologies business after closing the Baker Hughes transaction.

GE announced in March 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.

Baker Hughes said it closed the transaction mid-year.

GE and Baker Hughes announced the deal in October, months after Halliburton’s bid to buy Baker Hughes collapsed under pressure from the Justice Department.

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