General Electric (GE) Set to Merge Oil and Gas Business with Baker Hughes (BHI)

October 30, 2016 11:20 PM EDT

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GE (NYSE: GE) and Baker Hughes (NYSE: BHI) announced a joint press conference scheduled for tomorrow at 8:30 am ET where the two companies are expected to announce a combination of GE's oil and gas business with Baker Hughes. The deal will be valued at approximately $30 billion.

The newly formed merged company is expected to trade publicly and will be majority owned by GE, the Wall Street Journal reported. GE is expected to contribute some cash in addition to its oil and gas business.

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