Pursuant to the terms of the transaction agreement, already announced on October 31, 2016, the transaction resulted in a partnership structure under which Baker Hughes was transformed into a partnership and GE contributed its oil and gas business to the partnership. GE is 62.5% in this partnership and Baker Hughes shareholders have a 37.5% stake through their stake in BHGE. Former baker Hughes shareholders, whose shares were converted into Class A common shares of BHGE in connection with the transaction, are also entitled to a one-time special dividend of $US 17.50 per share (payable on July 6, 2017). GE contributed $7.4 billion in the new partnership used to fund the cash dividend to former Baker Hughes shareholders. H. “Earlier this year, we announced our intention to seek an orderly separation of BHGE,” said Lawrence Culp, Jr., president and CEO of GE. The agreements announced today accelerate this plan in a way that benefits both companies and their shareholders. We look forward to continuing our business relationship, which will strengthen both GE and BHGE`s capabilities to deliver high-quality technologies and solutions to customers around the world. At the same time, BHGE has entered into long-term supply and distribution agreements with GE for the long-term supply and distribution of high-performance gas turbine technology at the current price level. The Agreements will enter into force on (i) July 3, 2019 and (ii) the date on which GE and its direct subsidiaries hold no more than 50% of the outstanding voting rights of the outstanding common shares of BHGE (the “Trigger Date”). HOUSTON & BOSTON (BUSINESS WIRE)-Nov. 13, 2018 – Baker Hughes, a GE Company (NYSE: BHGE) (“BHGE” or “Company”) and General Electric Company (NYSE: GE) (“GE”) today announced that they have entered into a series of long-term agreements (the “Agreements”) that modify the business and technology relationship between the two Companies. The agreements focus on: Lorenzo Simonelli, President, Chairman and Chief Executive Officer of BHGE, said: “We are very pleased with the agreements we have reached with our partners at GE.
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