Baker Hughes, GE Oil and Gas complete merger

HOUSTON – The merger of Baker Hughes and GE Oil and Gas was completed Monday, according to a news release from the company.

The newly formed company, valued at about $23 billion, bills itself as “the world’s first and only full-stream oil and gas company.”

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In a press release Monday, BHGE said, "The new company is the first and only to bring together industry-leading equipment, services and digital solutions across the entire spectrum of oil and gas development."

"Disruptive change is the oil and gas industry’s new normal. We created BHGE because oil and gas customers need to withstand volatility, work smarter and bring energy to more people. Our offering is further differentiated from any other in the industry across the value stream and enables and assists our customers in driving productivity, while minimizing costs and risks," Lorenzo Simonelli, president and CEO of Baker Hughes, a GE company said.

BHGE employs more than 70,000 people in more than 120 countries.

The company received antitrust approval in June, allowing the merger to proceed.

Read more about the merger here.

Editor's note: The value of the company has been corrected.

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