GE to Sell Up to 20% Stake in Baker Hughes
November 13 2018 - 8:28AM
Dow Jones News
By Thomas Gryta
General Electric Co. said it plans to sell up to 20% of its
majority holding in oil services company Baker Hughes, providing
around $4 billion in cash for the struggling conglomerate.
GE will sell up to 101 million shares in a secondary offering to
the market and Baker Hughes has agreed to repurchase about 65
million shares from its controlling shareholder.
Based on Monday's closing price of $23.64, the sales would raise
roughly $4 billion for GE.
GE had been prevented from selling its stake in Baker Hughes
until July 2019 as part of the agreement that formed the company,
when GE combined its oil and gas business with Baker Hughes. GE
said it plans to maintain a stake above 50% in Baker Hughes after
the transaction.
Write to Thomas Gryta at thomas.gryta@wsj.com
(END) Dow Jones Newswires
November 13, 2018 08:13 ET (13:13 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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