GE Oil&Gas and Baker Hughes merged together

GE Oil&Gas division is merging with Baker Hughes Inc. on the low momentum for oil prices. The new company will be one of the largest players in its field, and will deliver oilfield services, equipement manufacturing, and support technology. GE will take 62.5% of the newborn entity. The deal is expected to be closed in six-eight months.
Bloomberg reported that this was not the first offer brought to Baker Hughes, Halliburton Co. came some months ago but the merger did not take place.
The transaction is subject to approval by regulators and Baker Hughes shareholders, as well as other customary closing conditions. GE will contribute $7.4 billion to fund a special dividend of $17.50 a share to Baker Hughes stockholders.