Baker Hughes, BJ Services Reach Final Agreement with DOJ
Baker Hughes and BJ Services have reached a final agreement with the Antitrust Division of the U.S. Department of Justice in connection with the governmental approval of the pending merger between the companies.
As previously disclosed, Baker Hughes will be required after the closing to divest two stimulation vessels (the HR Hughes and Blue Ray) and certain other assets used to perform sand control services in the U.S. Gulf of Mexico. The parties do not expect that the divestiture will be material to the business or financial performance of the combined company following the merger. This agreement with the DOJ includes a Proposed Final Judgment and a Hold Separate Stipulation and Order, which have been filed with the Federal District Court in Washington, D.C. along with other related documents.
Having already obtained stockholder approval, Baker Hughes and BJ Services expect to close before the end of this week following the expected acknowledgment of the Proposed Final Judgment and entry of the Hold Separate Order by the Federal District Court, subject to the other closing conditions.