GE-Baker Hughes merger creates World's No. 2 oilfield services firm

Updated 2017-07-04 11:00:12 Xinhua

The merger of Houston oil field services firm Baker Hughes with the oil and gas division of General Electric (GE) closed on Monday, creating the second largest oil field services firm in the world.

GE acquired a majority of the Houston energy company with 23 billion U.S. dollars. The new Baker Hughes, which will have dual headquarters in Houston and London, officially started its first chapter on Monday.

According to local media reports, the merger essentially doubles Baker Hughes' size to 70,000 employees in 120 countries, by creating the new BHGE.

The new company will have four divisions: Oilfield Services, Oilfield Equipment, Digital Solutions, and Turbomachinery and Process Solutions.

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