logo
  

UK CMA Probes Deal To Form JV Between Baker Hughes And Akastor - Quick Facts

U.K.'s Competition and Markets Authority or CMA Friday said it is investigating the anticipated joint venture between Baker Hughes Holdings LLC (BKR) and Akastor ASA.

The agency said it is considering whether this transaction will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002. It is also checking whether the creation of such a situation may be expected to result in a substantial lessening of competition within any market or markets in the U.K. for goods or services.

The CMA announced the launch of its merger inquiry by notice to the Parties on June 18 and has a deadline of August 13 for its phase 1 decision.

It was in early March that Baker Hughes and Akastor announced their deal to create a joint venture company that will bring together Baker Hughes' Subsea Drilling Systems business with Akastor's wholly owned subsidiary, MHWirth AS.

The 50-50 JV is expected to deliver a global full-service offshore drilling equipment offering that will provide customers with a broad portfolio of products and services.

The closing of the transaction was expected to occur in the second half of 2021.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
After Disney World, retail giant Walmart Inc. (WMT) makes it mandatory for all its employees to wear mask on their facilities in the "high-risk" states where the Delta variant of Coronavirus has become menacing. The orders will be in effect immediately. The Center for Disease Control and Prevention... Generac Power Systems is recalling 325,735 units of Generac and DR 6500 Watt and 8000 Watt portable generators for potential risk of finger amputation and crushing hazards, a statement by the U.S. Consumer Product Safety Commission (CPSC) showed. These include 4,575 units sold in Canada. Omaha, Nebraska- based Greater Omaha Packing is recalling around 295,236 pounds of raw beef products citing the possible presence of E. coli O157:H7, the U.S. Department of Agriculture's Food Safety and Inspection Service or FSIS said. The raw beef products intended for non-intact use were produced on July 13.
Follow RTT