The European Commission has cleared the acquisition of Baker Hughes by GE under EU merger control rules.
The Commission concluded that the transaction would not adversely affect competition in the relevant markets.
The combination of GE’s oil and gas business and Baker Hughes was announced in late-October last year.
GE will have a 62.5% interest in this partnership and existing Baker Hughes shareholders will have a 37.5% interest through a newly NYSE listed corporation.
“The companies remain confident in the value that the combined company will deliver to its customers, employees, shareholders and to the oil and gas industry,” the joint press release stated.
Baker Hughes and GE said they expect to close the transaction in mid-2017.