GE to reduce stake in Baker Hughes to 38.4% in US$2.7bn sale
12 September, 2019
Two years after it merged its oil and gas business with Baker Hughes, General Electric (GE) will sell a portion of its stake in the company to raise around US$2.7bn (£2.19bn).
The company intends to reduce its majority stake of 62.5% to 38.4% through a combination of a public offering and a private sale.
After the sale, GE is expected to continue selling the remaining stakes in the oil field services company in a bid to boost its financial position.
The public offering is likely to close on 16 September, subject to customary closing conditions.