8-KMaterial AgreementsExhibits & Filings

Baker Hughes Co 8-K Report, Material Agreement (Nov 16, 2018)

Filed November 16, 2018For Securities:BKR

Summary

This 8-K filing by Baker Hughes, a GE company, on November 16, 2018, primarily announces the completion of a significant secondary public offering. General Electric Company (GE) sold 92,000,000 shares of Baker Hughes' Class A common stock, an event that closed on November 16, 2018. This offering represents a material divestiture by GE of its stake in Baker Hughes. The Underwriting Agreement, which details the terms of the sale, also includes a 30-day option for the underwriters to purchase an additional 9,200,000 shares from GE. Investors should note this as a key event impacting the ownership structure and potentially GE's strategic focus.

Key Highlights

  • 1Completion of a secondary public offering of 92,000,000 shares of Class A common stock.
  • 2The offering was conducted by General Electric Company (GE) as the selling stockholder.
  • 3The offering closed on November 16, 2018.
  • 4Underwriters have a 30-day option to purchase up to an additional 9,200,000 shares.
  • 5The transaction was executed through an Underwriting Agreement between Baker Hughes, GE, and designated underwriters.
  • 6Customary representations, warranties, and indemnification provisions are included in the Underwriting Agreement.

Frequently Asked Questions

The main purpose was to report the entry into a material definitive agreement concerning a secondary public offering and to announce the completion of that offering where General Electric Company (GE) sold a substantial number of Baker Hughes shares.

General Electric Company (GE), identified as the 'Selling Stockholder', sold the 92,000,000 shares of Baker Hughes' Class A common stock.

This filing indicates GE sold 92,000,000 shares and the underwriters have an option to purchase an additional 9,200,000 shares. It does not specify if this represents GE's entire remaining stake in Baker Hughes, but it signifies a material reduction in their ownership.

This offering signifies a reduction in GE's ownership of Baker Hughes, which could signal a strategic shift for both companies. Investors may want to monitor the ongoing relationship between GE and Baker Hughes, as well as the market's reaction to the increased float of Baker Hughes' shares.