Comments
yourfanat wrote: I am using another tool for Oracle developers - dbForge Studio for Oracle. This IDE has lots of usefull features, among them: oracle designer, code competion and formatter, query builder, debugger, profiler, erxport/import, reports and many others. The latest version supports Oracle 12C. More information here.
Cloud Expo on Google News

2008 West
DIAMOND SPONSOR:
Data Direct
SOA, WOA and Cloud Computing: The New Frontier for Data Services
PLATINUM SPONSORS:
Red Hat
The Opening of Virtualization
GOLD SPONSORS:
Appsense
User Environment Management – The Third Layer of the Desktop
Cordys
Cloud Computing for Business Agility
EMC
CMIS: A Multi-Vendor Proposal for a Service-Based Content Management Interoperability Standard
Freedom OSS
Practical SOA” Max Yankelevich
Intel
Architecting an Enterprise Service Router (ESR) – A Cost-Effective Way to Scale SOA Across the Enterprise
Sensedia
Return on Assests: Bringing Visibility to your SOA Strategy
Symantec
Managing Hybrid Endpoint Environments
VMWare
Game-Changing Technology for Enterprise Clouds and Applications
Click For 2008 West
Event Webcasts

2008 West
PLATINUM SPONSORS:
Appcelerator
Get ‘Rich’ Quick: Rapid Prototyping for RIA with ZERO Server Code
Keynote Systems
Designing for and Managing Performance in the New Frontier of Rich Internet Applications
GOLD SPONSORS:
ICEsoft
How Can AJAX Improve Homeland Security?
Isomorphic
Beyond Widgets: What a RIA Platform Should Offer
Oracle
REAs: Rich Enterprise Applications
Click For 2008 Event Webcasts
SYS-CON.TV
Top Links You Must Click On


GE Announces $2.7 Billion in Net Proceeds From Reduction of its Ownership in Baker Hughes, a GE company, to Approximately 38.4%

GE (NYSE: GE) announced today the reduction of its ownership in Baker Hughes, a GE company (“BHGE”) through a public offering (the “offering”) of 115 million shares of Class A common stock, par value $0.0001 per share (the “Class A common stock”), of BHGE and a concurrent private sale to BHGE of ownership interests in BHGE.

The offering upsized and priced today at a price to the public of $21.50 per share. The underwriters have a 30-day option to purchase up to an additional 17.25 million shares of Class A common stock from GE or one or more of its affiliates. The offering is expected to close on September 16, 2019, subject to customary closing conditions.

In addition, GE is selling to BHGE, in a privately negotiated transaction, $250 million of shares of BHGE Class B common stock, par value $0.0001 per share, together with an equal number of associated membership interests of Baker Hughes, a GE company, LLC (the “repurchase”), 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 repurchase is expected to be completed immediately following the offering on September 16, 2019. Although the repurchase is conditioned upon the closing of the offering, the closing of the offering is not conditioned upon the closing of the repurchase.

Combined net proceeds of the offering and the repurchase will be approximately $2.7 billion, or approximately $3.0 billion assuming full exercise of the underwriters’ option to purchase additional shares in the offering.

GE Chairman and CEO H. Lawrence Culp, Jr., said, “Reducing GE’s ownership in BHGE continues our efforts to improve our financial position by generating approximately $2.7 billion in net proceeds to GE. This offering builds on several recent deleveraging steps we have taken, and we will continue to take action in 2019 and 2020 to achieve our leverage targets.”

Upon completion of the transactions, GE and its affiliates will hold approximately 38.4% of BHGE’s outstanding voting stock. GE will no longer have a controlling interest in BHGE and expects to continue to divest the remainder of its BHGE holdings in an orderly fashion over time.

As GE has previously disclosed, upon the reduction of GE’s holdings to less than 50% of the voting power of BHGE’s outstanding voting stock, GE will deconsolidate BHGE, reclassify BHGE’s historical operations as a discontinued operation, and account for the remaining investment in BHGE at fair value by marking to market our remaining investment as of the last day of each reporting period.

As GE has also previously disclosed, GE expects to recognize a significant loss in earnings as a result of ceding control of BHGE, which it will reflect in its third-quarter 2019 results. GE will determine the final amount of this non-cash charge, as well as the impact of deconsolidating BHGE on its 2019 outlook framework, based on information available as of the end of the third quarter, and will disclose this information when it reports third-quarter 2019 results on October 30, 2019.

The final amount of this charge will depend on several factors, the most significant of which is BHGE’s stock price as of the time the offering closes. It will also be impacted by realized proceeds for the offering and changes in carrying value of BHGE since June 30, 2019 through the time the offering closes.

In July 2019, GE estimated the loss upon deconsolidation of BHGE would be approximately $7.4 billion, based upon BHGE’s share price of $24.84 as of July 26, 2019. A change in the BHGE share price of $1, as of the relevant determination date, would increase or decrease the estimated loss by approximately $500 million, based on GE’s ownership of approximately 500 million BHGE shares immediately prior to closing of the offering, before being impacted by the amount of realized proceeds from the offering and changes in carrying value of BHGE.

Upon close of the transaction, GE will also reduce the number of its representatives on BHGE’s Board of Directors from five to one. John G. Rice is expected to remain on BHGE’s board of directors as GE’s representative.

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, 2018 and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2019 and June 30, 2019 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) 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.ge.com/reports 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 Business Wire
Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Enterprise Open Source Magazine Latest Stories . . .
Meet one of the top essential oils that is truly essential for the overall health of the body including the skin, hairs, and nails- Argan Oil. You can take it orally, apply it topically, or get it added to some brilliant cosmetic product. Whichever way, argan oil unlocks its loads ofh...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSy...
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbrai...
For better or worse, DevOps has gone mainstream. All doubt was removed when IBM and HP threw up their respective DevOps microsites. Where are we on the hype cycle? It's hard to say for sure but there's a feeling we're heading for the "Peak of Inflated Expectations." What does this mean...
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbr...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one lo...
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
Click to Add our RSS Feeds to the Service of Your Choice:
Google Reader or Homepage Add to My Yahoo! Subscribe with Bloglines Subscribe in NewsGator Online
myFeedster Add to My AOL Subscribe in Rojo Add 'Hugg' to Newsburst from CNET News.com Kinja Digest View Additional SYS-CON Feeds
Publish Your Article! Please send it to editorial(at)sys-con.com!

Advertise on this site! Contact advertising(at)sys-con.com! 201 802-3021




SYS-CON Featured Whitepapers
ADS BY GOOGLE