General Electric Co.’s oil and gas business and Baker Hughes Inc. announced in late October their agreement to create a global oil field technology giant with $32 billion of combined revenue and operations in more than 120 countries. The two companies want to create a new digital and technology behemoth—a tie-up that could rival Schlumberger Limited.
Under the terms of the agreement, Baker Hughes shareholders will receive a one-time cash dividend of $17.50 per share and 37.5 percent of the new company. GE will own 62.5 percent of the company. The transaction is expected to close in mid-2017.
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