The European Commission (EU) cleared General Electric Co.'s (NYSE: GE) purchase of oilfield services firm Baker Hughes Inc. (NYSE: BHI) without conditions on May 31, the EU competition authority said in a statement.
In October, GE and Baker Hughes said they will merge into a new oilfield technology company with a value of $32 billion.
The merger is set to create a “new Baker Hughes,” with GE owning a 62.5% majority interest in the company. Baker Hughes would hold the remaining 37.5% of the company.
RELATED: GE Oil & Gas, Baker Hughes Plan Megamerger
The EU concluded that the merger of the two U.S. companies would not harm competition in European markets for various products where both were active, including electrical submersible pumps, refining chemicals and drilling sensors.
Baker Hughes said the companies will continue to work constructively with regulators and expect to close the transaction in mid-2017.
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