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GE Deal With Baker Hughes Creates $32 Billion Oil-Services Giant

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General Electric Co. agreed to combine its oil and gas business with Baker Hughes Inc., creating an industry giant with a broader suite of offerings amid the ongoing slump in crude prices.

GE will own a 62.5 percent stake in the combined provider of oilfield services, which will be publicly traded and have $32 billion in sales, the companies said Monday in a statement. GE will contribute $7.4 billion to fund a special dividend of $17.50 a share to Baker Hughes stockholders.

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