Davis Polk is advising Baker Hughes on its combination with GE’s oil and gas business. The transaction will be executed using a partnership structure, pursuant to which GE Oil & Gas and Baker Hughes will each contribute their operating assets to a newly formed partnership. GE will have a 62.5% interest in this partnership and existing Baker Hughes shareholders will have a 37.5% interest through a newly NYSE-listed corporation. The transaction, which is expected to close in mid-2017, is subject to approval by Baker Hughes shareholders, regulatory approvals and other customary closing conditions.

Baker Hughes is a leading supplier of oilfield services, products, technology and systems to the world-wide oil and natural gas industry.

The Davis Polk corporate team includes partners George R. Bason Jr., Arthur F. Golden, Michael Davis and Harold Birnbaum and associates Laura C. Turano and Albert Zhu. Partner Avishai Shachar and associate William A. Curran are providing tax advice. Counsel Ron M. Aizen is providing executive compensation advice. Partner Frank J. Azzopardi is providing intellectual property and technology advice. All members of the Davis Polk team are based in the New York office.