General Electric: Will Selling $4 Billion Baker Hughes Stake Backfire? [Seeking Alpha]
GE Aerospace (GE)
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Source: Seeking Alpha
Summary Source: Aol.com Tuesday, General Electric ( GE ) announced it was selling part of its stake in oilfield services giant Baker Hughes ( BHGE ) for about $4 billion: General Electric has agreed a deal to raise about $4bn from selling part of its stake in oilfield services group Baker Hughes, cutting its debts and accelerating the break-up plan it set out in June ... GE will sell at least 92m Baker Hughes shares to investors, with up to 9.2m more available if demand is strong, and Baker Hughes will buy back at least 65m shares directly from GE. That gives a total sale of about 166m shares or roughly 15 percent of Baker Hughes' equity. The deal will lower GE's holdings in Baker Hughes from 62.5% to 50%. GE had been prevented from selling any BHGE shares until July 2019, but Baker Hughes did not force GE to adhere to the terms of its lock-up agreement. The two companies also entered into a series of long-term agreements that involves (1) a collaboratio
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