October 31 - General Electric (GE) has entered into an agreement to combine its oil and gas business with Baker Hughes to create an oilfield technology provider with a wide range of service and equipment capabilities.

GE will own 62.5 percent of the reformed company, while Baker Hughes will maintain 37.5 percent.

The "new" entity will provide equipment, technology and services to the oil and gas industry, with USD32 billion of combined revenue and operations in over 120 countries, said a statement.

Jeff Immelt, chairman and ceo of GE, said that the cooperation will create an "industry leader" that is ideally positioned to grow in any market.

"Oil and gas customers demand more productive solutions. This can only be achieved through technical innovation and service execution, the hallmarks of GE and Baker Hughes," he added.

The transaction is expected to close in mid 2017.