GE Announces Pricing of Secondary Offering of Shares of Baker Hughes, a GE company, & Concurrent Private Sale of Ownership In...
15 November 2018 - 12:57AM
Business Wire
GE (NYSE: GE) announced today the pricing of a secondary
offering (the “offering”) of 92,000,000 shares of Class A common
stock, par value $0.0001 per share (the “Class A common stock”) of
Baker Hughes, a GE company (“BHGE”), at a price to the public of
$23.00 per share. The underwriters have a 30-day option to purchase
up to an additional 9,200,000 shares of Class A common stock from
GE or one or more of its affiliates (such option, the “option” and,
such shares, the “option shares”). The offering is expected to
close on November 16, 2018, subject to customary closing
conditions.
In addition, as previously announced, GE has agreed to sell to
BHGE, in a privately negotiated transaction (a) 65,000,000 shares
of BHGE Class B common stock, par value $0.0001 per share (the
“Class B common stock”), together with an equal number of
associated membership interests of Baker Hughes, a GE company, LLC
(the “LLC units”) (the “base share repurchase”), and (b) a number
of shares of Class B common stock, together with an equal number of
associated LLC units, corresponding to the number of option shares
not purchased by the underwriters pursuant to the option (together
with the base share repurchase, the “share repurchase”), in each
case at a price equal to the price per share at which the
underwriters will purchase shares of Class A common stock from GE
in the offering. The maximum aggregate purchase price for the share
repurchase is $1.5 billion. The base share repurchase is expected
to close concurrently with the closing of the offering on November
16, 2018. Although the share repurchase is conditioned upon, among
other things, the closing of the offering, the closing of the
offering is not conditioned upon the closing of the share
repurchase.
The offering of the securities is being made pursuant to an
effective shelf registration statement. The offering is being made
only by means of a prospectus and prospectus supplement. A copy of
the prospectus and prospectus supplement relating to these
securities may be obtained, when available, from: Morgan Stanley
& Co. LLC, Attention: Prospectus Department, 180 Varick Street,
Second Floor, New York, NY 10014; and J.P. Morgan Securities LLC,
Attention: Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, or by phone at 1-866-803-9204, or by email at
prospectus-eq_fi@jpmchase.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
Caution Concerning Forward Looking Statements:
This document contains “forward-looking statements" - that is,
statements related to future, not past, events. In this context,
forward-looking statements often address our expected future
business and financial performance and financial condition, and
often contain words such as "expect," "anticipate," "intend,"
"plan," "believe," "seek," "see," "will," "would," “estimate,”
“forecast,” "target," “preliminary,” or “range.”
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. Important factors that could
cause actual results to differ materially from such plans,
estimates or expectations include, among others, the risk factors
that are described in “Risk Factors” in our Annual Report on Form
10-K for the year ended December 31, 2017 and our Quarterly Reports
on Form 10-Q for the quarters ended June 30, 2018 and September 30,
2018 and the risk factors that are described in “Forward-Looking
Statements” in BHGE’s most recent earnings release or SEC filings.
These documents are available through our website or through the
SEC’s Electronic Data Gathering and Analysis Retrieval system at
http://www.sec.gov.
These or other uncertainties may cause our actual future results
to be materially different than those expressed in our
forward-looking statements. We do not undertake to update our
forward-looking statements.
About GE
GE (NYSE:GE) GE drives the world forward by tackling its biggest
challenges. By combining world-class engineering with software and
analytics, GE helps the world work more efficiently, reliably, and
safely. For more than 125 years, GE has invented the future of
industry, and today it leads new paradigms in additive
manufacturing, materials science, and data analytics. GE people are
global, diverse and dedicated, operating with the highest integrity
and passion to fulfill GE’s mission and deliver for our customers.
www.ge.com
GE’s Investor Relations website at www.ge.com/investor and our
corporate blog at www.gereports.com and @GE_Reports on Twitter, as
well as GE’s Facebook page and Twitter accounts, contain a
significant amount of information about GE, including financial and
other information for investors. GE encourages investors to visit
these websites from time to time, as information is updated and new
information is posted.
About Baker Hughes, a GE company
BHGE (NYSE: BHGE) is the world’s first and only fullstream
provider of integrated oilfield products, services and digital
solutions. We deploy minds and machines to enhance customer
productivity, safety and environmental stewardship, while
minimizing costs and risks at every step of the energy value chain.
With operations in over 120 countries, we infuse over a century of
experience with the spirit of a startup – inventing smarter ways to
bring energy to the world.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181114005538/en/
Investor Contact:Todd Ernst,
617.443.3400todd.b.ernst@ge.comMedia Contact:Jennifer
Erickson, 646.682.5620jennifer.erickson@ge.com
GE Aerospace (NYSE:GE)
Historical Stock Chart
From Apr 2024 to May 2024
GE Aerospace (NYSE:GE)
Historical Stock Chart
From May 2023 to May 2024