BHGE ACCURES 5% IN ADNOC: $11 BLN
BHGE - Abu Dhabi National Oil Company (ADNOC or the Group) and Baker Hughes, a GE company (BHGE:NYSE) today signed a strategic partnership agreement, that will enable and support the growth and development of ADNOC's subsidiary, ADNOC Drilling, into a fully-integrated drilling and well construction provider. As part of the agreement, BHGE will acquire a five percent stake in ADNOC Drilling. The transaction values ADNOC Drilling at approximately $11 billion. BHGE will be the sole provider of certain proprietary leading edge and differentiated equipment and technologies related to the integrated drilling offering, supporting…
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