Baker Hughes Inc. and General Electric Co. struck an agreement with the U.S. Department of Justice that was required to complete the two companies' pending merger under U.S. law, under which GE would sell its water business for $3.4 billion.
Under a proposed consent decree filed in the District Court in Washington D.C., GE would divest its GE Water & Process Technologies b.v.b.a. to SUEZ after the merger closes. With the agreement, the merger is on track for completion by midyear, according to a June 12 news release.
With clearance already obtained from the European Commission, Baker Hughes' shareholders are scheduled to vote on the merger on June 30.