General Electric Co. is giving up majority control of Baker Hughes, selling shares in the oil-field services firm that will raise about $3 billion cash but trigger a more-than-$7 billion accounting charge.
GE executives have said they planned to wind down their stake in the business, which GE acquired when it merged its struggling oil and gas division with Baker Hughes in a 2017 deal. The combination created a new public company that was 62.5% owned by GE.
Baker Hughes is a Gold Level sponsor and is exhibiting at the GRC Annual Meeting & Expo from 15-18 September at the Palm Springs Convention Center, California, USA.
