General Electric Co. (GE) has announced it will merge its oil and gas business with Baker Hughes Inc. to create the world’s second-biggest oilfield services provider.
The deal will combine GE’s expertise in making equipment long-prized by oil producers with Baker Hughe’s strengths in fracking and drilling.
"This is a good deal for all of the investors," said Lorenzo Simonelli, head of GE's oil and gas business.
The deal is expected to close in 2017 and GE is forecast to own over 60 percent of the newly publicly-traded company.
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