GE set to acquire Baker Hughes for ~$30 billion

The deal could help redefine Baker Hughes following its failed merger with Halliburton.

The Wall Street Journal has reported citing sources familiar with the matter at hand, General Electric Co is close to sealing a nearly $30 billion to merge its oil and gas business with Baker Hughes Inc.

If the deal comes through, the combined company will be controlled by GE and its shares will be available for public trading.

The deal is likely to be announced sometime today.

Last week, GE had issued a statement saying it was in talks with Baker Hughes for potential partnerships, including an outright purchase.

In May, Halliburton acquisition of Baker Hughes fell through die to heat from antitrust regulators.

If the current deal goes through, it will allow Baker Hughes to transform its oil and gas division and emerge as a larger player so as to compete with Schlumberger, the leader in oilfield services.

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