CCI approves GE-Baker Hughes' oil-gas business merger

New Delhi, June 14: The Competition Commission of India (CCI) on Wednesday said that it has approved the proposed merger of GE's oil and gas business and Baker Hughes' oil field services business.

In a tweet, the CCI said: "@CCI_India approves merger of oil and gas business of GE and oil field services business of Baker Hughes Inc."

Last year, GE and Baker Hughes Incorporated (BHI) entered into a transaction agreement and plan of merger (transaction agreement). 

The agreement envisages GE to acquire 62.5 per cent of the voting and economic rights of a newly-formed company that will comprise GE's oil and gas business and BHI's business. 

The transaction is a composite combination under section 5 of the Competition Act.