General Electric Company (NYSE:GE) has filed the supplemental information, regarding the combination of GE Oil & Gas with Baker Hughes (NYSE:BHI), with the SEC. The new company would become the leading provider of oilfield technology, while also providing equipment and servicing capabilities. In addition to this, the two companies currently have a combined annual operating revenue of $32 billion, with operations spread across 120 countries.
The terms of the agreement have already been approved by the respective boards of both companies, as announced in a filing on October 31, 2016. Under the agreement, upon completion of the acquisition, BHI shareholders would be awarded a one time cash dividend of $17.5 per share and would together hold 37.5% of the new company. It should be noted here that Baker Hughes would be the surviving company of the transaction and GE would hold a 62.5% stake in it. General Electric expects the transaction to complete by mid-2017.
Earlier, Current, a digital energy startup backed by GE, announced that it would be partnering with Plexure, a global leader in IoT driven CRM. The company noted that this was in accordance with its plans to build its intelligent environment partner ecosystem. Plexure’s CRM helps its customers monitor and observe measurable increase in power usage. The CEO of Plexure, Scott Bradley, stated that their objective was to maximize the value of the Predix platform, by General Electric. He also expressed his excitement at being a key partner for the company, as it builds its IoT practice.
Currently, the product is being targeted at retailers, with Plexure being given the responsibility to deliver a supreme customer experience. It should be noted here that General Electric would be hosting an Industrial Internet event, Mind + Machines,aimed at technology leaders. The event would be held on November 15-16, 2016, in San Francisco.
General Electric Company (NYSE:GE) closed at a share price of $29.31, at the end of the November 7 trading session, 3.02% higher than the day before. The stock had a trade volume of 41.25 million.