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CCI approves GE-Baker Hughes' oil-gas business merger

IANS  |  New Delhi 

The Competition Commission of (CCI) on Wednesday said that it has approved the proposed of GE's and gas business and Baker Hughes' field services business.

In a tweet, the CCI said: "@CCI_India approves of and gas business of GE and oil field services business of Baker Hughes Inc."

Last year, GE and Baker Hughes Incorporated (BHI) entered into a transaction agreement and plan of (transaction agreement).

The agreement envisages GE to acquire 62.5 per cent of the voting and economic rights of a newly-formed company that will comprise GE's oil and gas business and BHI's business.

The transaction is a composite combination under section 5 of the Competition Act.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, June 14 2017. 22:44 IST