Baker Hughes, a GE company Announces Pricing of Secondary Offering by GE

Baker Hughes, a GE company (NYSE: BHGE or the “Company”) announced today the pricing of a secondary offering (the “offering”) of 115 million shares of BHGE Class A common stock, par value $0.0001 per share (the “Class A common stock”) by General Electric Company (“GE”) and GE Oil & Gas US Holdings I, Inc., GE Holdings (US), Inc. and GE Oil & Gas US Holdings IV, Inc. (collectively, together with GE, the “selling stockholders”) at a price to the public of $21.50 per share. The underwriters will have a 30-day option to purchase up to an additional 17.25 million shares of Class A common stock from the selling stockholders. The offering is expected to close on September 16, 2019, subject to customary closing conditions.

BHGE is not offering any shares of Class A common stock in the offering and will not receive any proceeds from the sale of shares in the offering.

J.P. Morgan, Citigroup, Goldman Sachs & Co. LLC and Morgan Stanley are acting as joint lead book-running managers for the offering. BofA Merrill Lynch, BNP PARIBAS and Evercore ISI are acting as joint book-running managers for the offering.

In addition, BHGE announced that it has agreed to repurchase (the “share repurchase”) from one or more of GE and its affiliates, in a privately negotiated transaction, 11,865,211 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”) at a price equal to the price per share at which the underwriters purchase shares of Class A common stock from the selling stockholders in the offering. The Company intends to fund the share repurchase with cash on hand and other available sources of liquidity. Although the share repurchase is conditioned upon, among other things, the closing of the offering and will be completed immediately following the offering, the closing of the offering is not conditioned upon the closing of the share repurchase. The offering and share repurchase have been unanimously approved by the Company’s board of directors, and the share repurchase has also been unanimously approved by the Conflicts Committee of the Company’s board of directors comprised of independent directors who are not affiliated with the selling stockholders.