Baker Hughes to Merge with GE Oil & Gas in $32B Deal

General Electric’s oil and gas division announced a merger with Houston-based Baker Hughes. The $32 billion deal will combine the nation’s largest industrial giant with the world’s third-largest energy services company, with dual headquarters in London and Houston. The new company formed by the merger will continue on as Baker Hughes, and be listed on the New York Stock Exchange.

The transaction is scheduled to close in mid-2017. Unlike the failed Halliburton deal of last summer, analysts believe that GE Oil & Gas is different enough from Baker Hughes to withstand regulatory scrutiny.

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