Deals
GE Wins U.S. Antitrust Approval for Baker Hughes Deal
- European Union gave approval two weeks ago for pending deal
- Justice Department requires sale of GE’s water business
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General Electric Co. and Baker Hughes Inc. have cleared a second major antitrust hurdle in their effort to create the world’s second-biggest oilfield services provider.
GE won approval on Monday from the U.S. Justice Department to combine its oil and gas business with Baker Hughes. The clearance follows by two weeks a similar decision by European regulators, and comes just hours after GE said that Jeffrey Immelt, the deal’s architect, will step down as CEO. Immelt will serve as chairman of the new Baker Hughes when the deal closes in mid-2017.