U.S. General Electric to sell stake in Baker Hughes for $4 bln

U.S.-based energy to locomotive company General Electric (GE) aims to exist from oilfield services firm Baker Hughes.

GE agreed to divest up to 166 million shares in Baker Hughes which would raise about $4 billion at current prices. After GE’s takeover of Baker Hughes in July 2017, GE said it would exit 62.5 percent stake.

Under the deal, GE and Baker Hughes signed agreements including the creation of a joint venture and a deal for Baker Hughes to buy GE's gas turbine technology at current pricing. The transaction resulted in GE to sell up to 101 million shares of Baker Hughes.

Baker Hughes had agreed to repurchase about 65 million of its shares from GE. These sales are expected to keep GE's stake in Baker Hughes just above 50 percent. The remaining stake will be subject to a 180-day lock-up period that prevents further sales unless the underwriting banks consent.