Finance History | 11 Wall Street — Seventeen Fifty Cash and a New BHGE Tape
· 2017-7
Unreviewed contributionBy kevin · · updated · Report an issue
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Finance History | 11 Wall Street — Seventeen Fifty Cash and a New BHGE Tape
kevin
People treat Baker Hughes as a Houston Energy Corridor tenant that prints BKR on Nasdaq.
The present listed company is a 2017 partnership vehicle.
On 3 July 2017 Baker Hughes Incorporated combined with GE's oil and gas business. GE's Form 8-K that day recorded a contribution of the oil-and-gas companies plus 7.4 billion dollars in cash for about 62.5 percent of the new partnership.
Legacy Baker Hughes holders received one Class A share of Baker Hughes, a GE company, and a special cash dividend of 17.50 dollars per share, paid 6 July 2017.
BHI traded through the close on 3 July and was then delisted. Class A shares of the new company opened on the New York Stock Exchange as BHGE on 5 July 2017.
The mechanism is a reverse-acquisition partnership. Accounting followed GE Oil and Gas. Public holders owned the Class A stub. GE voted Class B against matching common units.
The ticker later shortened to BKR after GE sold down. The 2023 Houston office is 575 North Dairy Ashford Road. The 2017 tape change printed at 11 Wall Street.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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