Summary
This 8-K filing from Baker Hughes Co (BKR) on November 19, 2018, details the closure of an underwritten secondary public offering of its Class A common stock. General Electric Company (GE) was the selling stockholder, offloading 92,000,000 shares, with an additional 9,200,000 shares purchased by underwriters through an exercised option. This offering represents a significant reduction in GE's stake and a substantial liquidity event for the selling stockholder. The closure of this option share offering on November 19, 2018, marks the completion of the secondary offering. Investors should note that this event pertains to shares being sold by a major stockholder, GE, rather than newly issued shares by Baker Hughes itself. The primary impact on the market would be the increased float of Baker Hughes' Class A common stock.
Key Highlights
- 1Completion of an underwritten secondary public offering of 92,000,000 shares of Baker Hughes Class A common stock.
- 2The selling stockholder was General Electric Company (GE).
- 3Underwriters exercised their option to purchase an additional 9,200,000 shares.
- 4The option share offering closed on November 19, 2018.
- 5This event involves the sale of existing shares, not the issuance of new shares by Baker Hughes.
- 6The filing includes legal opinions from Davis Polk & Wardwell LLP regarding the offering.