General Electric May Soon Be Buying Baker Hughs

According to the Wall Street Journal, General Electric Co. is in talks to buy Baker Hughes Inc. The news outlet has cited people that are familiar with the story.

Shares of Baker Hughs soared 19% in after hours trading when the news broke out.

Not surprising when this is the world’s third-largest oil services provider. Baker Hughs has a market capitalisation of $23.1 billion. The company originally had plans to be acquired by Halliburton Co. this year but the deal fell through as antitrust approval from regulators around the world couldn’t successfully happen.

Melanie Kania, a spokeswoman for Baker Hughes, declined to comment on the matter.

GE commented, “While nothing is concluded, none of these options include an outright purchase.”

Disclaimer: We have no position in General Electric Company (NYSE: GE) nor Baker Hughes Incorporated (NYSE: BHI) and have not been compensated for this article.