General Electric Co on Monday completed its buyout of Baker Hughes Inc, merging it with its own oil and gas equipment and services operations to create the world’s second-largest oilfield service provider by revenue.
The new company, to be called “Baker Hughes, a GE company,” will begin trading on Wednesday on the New York Stock Exchange under the stock ticker “BHGE.”
With headquarters in London and Houston, the combined company will have roughly $23 billion in annual revenue and offer oilfield gear including blowout preventers, pumps, drilling, chemicals, other products and services for oil producers in 120 countries.
For Baker Hughes, the deal helps it grow in size and become an even-more important player in the industry after antitrust concerns scuttled a tie-up last year with rival Halliburton Co. The GE deal vaults the merged business past Halliburton to rival only Schlumberger NV for dominance in the global oilfield service market.