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General Electric (GE) plans to sell its 62.5% shareholding in oil and gas company Baker Hughes as part of a larger restructuring process, which will see the US conglomerate spin off its healthcare business. GE has said it will focus on power, renewable energy and aviation.
The announcement on 26 June (2018) came one day after GE signed an agreement to sell its distributed power business to Boston-based private equity firm Advent International for $3.25 billion.
GE's company-wide overhaul will also shrink GE Capital and lead to the sale of $25 billion in energy and industrial finance assets by 2020. GE Energy Financial Services (GE EFS) previously disclosed its...