In July 2017 GE was the proud owner (well 62.5%) of one of the world’s largest oil services company, Baker Hughes, which is headquartered in Houston. GE thought they were getting a good deal in merging Baker Hughes with “their” oil and gas division.
Per the Houston Chronicle GE wanted “…to create an energy services giant to rival Halliburton for the position as the world’s second-largest services company after Schlumberger. Not coincidentally, the deal came after Halliburton’s planned takeover of Baker Hughes collapsed last year amid antitrust concerns. GE swooped in when that merger fell apart“.
Because GE has lost $100B in market value in 2017, they are focusing in on ….
…three of its core businesses: aviation, healthcare, and….(not DEEPFRAC) power.
So how good of a deal will the fire sale (pun intended) for Baker Hughes be for the next swooper-upper? My prediction is it will be a foreign (Egyptian? or Total/French?) based company owning them….aahhm, U.S.