Baker Hughes Incorporated (ticker: BHI) and General Electric Company (ticker: GE) announced today that the two companies reached an agreement with the United States Department of Justice allowing both parties to complete their merger.

In order to allow the merger to proceed, General Electric agreed to divest its GE Water & Process Technologies business, GE Water, which is focused in water treatment and management of water resources spanning multiple industries. GE Water will be sold to SUEZ—a water and waste management firm based out of France—for $3.4 billion.

Baker Hughes and General Electric also received clearance from the European Commission on May 30th, 2017 to proceed with the merger. The Commission did not specify conditions to allow the merger to proceed.

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