Company Website:
http://www.ge.com
BOSTON -- (Business Wire)
GE (NYSE: GE) announced today the pricing of a secondary offering (the
“offering”) of 92,000,000 shares of Class A common stock, par value
$0.0001 per share (the “Class A common stock”) of Baker Hughes, a GE
company (“BHGE”), at a price to the public of $23.00 per share. The
underwriters have a 30-day option to purchase up to an additional
9,200,000 shares of Class A common stock from GE or one or more of its
affiliates (such option, the “option” and, such shares, the “option
shares”). The offering is expected to close on November 16, 2018,
subject to customary closing conditions.
In addition, as previously announced, GE has agreed to sell to BHGE, in
a privately negotiated transaction (a) 65,000,000 shares of BHGE Class B
common stock, par value $0.0001 per share (the “Class B common stock”),
together with an equal number of associated membership interests of
Baker Hughes, a GE company, LLC (the “LLC units”) (the “base share
repurchase”), and (b) a number of shares of Class B common stock,
together with an equal number of associated LLC units, corresponding to
the number of option shares not purchased by the underwriters pursuant
to the option (together with the base share repurchase, the “share
repurchase”), in each case at a price equal to the price per share at
which the underwriters will purchase shares of Class A common stock from
GE in the offering. The maximum aggregate purchase price for the share
repurchase is $1.5 billion. The base share repurchase is expected to
close concurrently with the closing of the offering on November 16,
2018. Although the share repurchase is conditioned upon, among other
things, the closing of the offering, the closing of the offering is not
conditioned upon the closing of the share repurchase.
The offering of the securities is being made pursuant to an effective
shelf registration statement. The offering is being made only by means
of a prospectus and prospectus supplement. A copy of the prospectus and
prospectus supplement relating to these securities may be obtained, when
available, from: Morgan Stanley & Co. LLC, Attention: Prospectus
Department, 180 Varick Street, Second Floor, New York, NY 10014; and
J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood, NY 11717, or by phone at
1-866-803-9204, or by email at prospectus-eq_fi@jpmchase.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
Caution Concerning Forward Looking Statements:
This document contains “forward-looking statements" - that is,
statements related to future, not past, events. In this context,
forward-looking statements often address our expected future business
and financial performance and financial condition, and often contain
words such as "expect," "anticipate," "intend," "plan," "believe,"
"seek," "see," "will," "would," “estimate,” “forecast,” "target,"
“preliminary,” or “range.”
Forward-looking statements by their nature address matters that are, to
different degrees, uncertain. Important factors that could cause actual
results to differ materially from such plans, estimates or expectations
include, among others, the risk factors that are described in “Risk
Factors” in our Annual Report on Form 10-K for the year ended December
31, 2017 and our Quarterly Reports on Form 10-Q for the quarters ended
June 30, 2018 and September 30, 2018 and the risk factors that are
described in “Forward-Looking Statements” in BHGE’s most recent earnings
release or SEC filings. These documents are available through our
website or through the SEC’s Electronic Data Gathering and Analysis
Retrieval system at http://www.sec.gov.
These or other uncertainties may cause our actual future results to be
materially different than those expressed in our forward-looking
statements. We do not undertake to update our forward-looking statements.
About GE
GE (NYSE:GE) GE drives the world forward by tackling its biggest
challenges. By combining world-class engineering with software and
analytics, GE helps the world work more efficiently, reliably, and
safely. For more than 125 years, GE has invented the future of industry,
and today it leads new paradigms in additive manufacturing, materials
science, and data analytics. GE people are global, diverse and
dedicated, operating with the highest integrity and passion to fulfill
GE’s mission and deliver for our customers. www.ge.com
GE’s Investor Relations website at www.ge.com/investor
and our corporate blog at www.gereports.com
and @GE_Reports on Twitter, as well as GE’s Facebook page and Twitter
accounts, contain a significant amount of information about GE,
including financial and other information for investors. GE encourages
investors to visit these websites from time to time, as information is
updated and new information is posted.
About Baker Hughes, a GE company
BHGE (NYSE: BHGE) is the world’s first and only fullstream provider of
integrated oilfield products, services and digital solutions. We deploy
minds and machines to enhance customer productivity, safety and
environmental stewardship, while minimizing costs and risks at every
step of the energy value chain. With operations in over 120 countries,
we infuse over a century of experience with the spirit of a startup –
inventing smarter ways to bring energy to the world.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181114005538/en/
Contacts:
Investor Contact:
Todd Ernst, 617.443.3400
todd.b.ernst@ge.com
Media
Contact:
Jennifer Erickson, 646.682.5620
jennifer.erickson@ge.com
Source: GE
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