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

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Executed Through Public Offering of BHGE Shares and Concurrent Private Sale to BHGE of Ownership Interests in BHGE; Building on Several Steps GE Has Taken To Strengthen Its Balance Sheet

BOSTON–(BUSINESS WIRE)–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.

Contacts

Investors:

Steve Winoker, 617.443.3400

swinoker@ge.com

Media:

Mary Kate Mullaney, 202.304.6514

marykate.nevin@ge.com

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Chinese Blockchain Market, 2019: Size & Spending Across 11 Sectors, 75+ Application Segments, Type of Blockchain, and Technology, 2016-2025 – ResearchAndMarkets.com

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DUBLIN–(BUSINESS WIRE)–The “China Blockchain Business Opportunities and Outlook Databook Series (2016-2025) – Blockchain Market Size / Spending Across 11 Sectors, 75+ Application Segments, Type of Blockchain, and Technology (Applications, Services, Hardware)” report has been added to ResearchAndMarkets.com’s offering.

Blockchain spend in China has increased at 101.7% during 2018 to reach US$ 877.2 million. Over the forecast period (2019-2025), spend on blockchain is expected to record a CAGR of 45.7%, increasing from US$ 1,622.1 million in 2019 to reach US$ 22,594.1 million by 2025.

This business intelligence report aims to analyze market opportunities and risks in blockchain technology and its applications in over 75 areas across 11 industries in China. This is a data centric report, consisting of 185 charts and 150 tables, providing detailed understanding of market dynamics. This report covers country level market size / spending forecast (2016-2025) by blockchain applications, type of blockchain, and technology domain.

Report Scope

China Market Size & Spending by Industry, 2016-2025

  • Banking & Finance
  • Insurance
  • Healthcare & Pharmaceuticals
  • Retail
  • Automotive
  • Defense & Aerospace
  • Construction
  • Public Sector
  • Professional Services
  • Agriculture
  • Energy and Utilities

China Market Size / Spending by Type of Blockchain, 2016-2025 (for each industry)

  • Public
  • Private
  • Hybrid

China Market Size / Spending by Technology Domain, 2016-2025 (for each industry)

  • Application and Platform
  • Service
  • Hardware

China Market Size & Spending by Blockchain Application, 2016-2025

1. Banking & Finance – Blockchain Spending / Market Size

  • KYC Data and Due Diligence
  • Trade Finance
  • Capital Markets
  • Initial Coin Offerings
  • Fraud Detection
  • Cross Border Payments
  • Risk Management and Compliance
  • Loan Management

2. Insurance – Blockchain Spending / Market Size

  • Product Development and Distribution
  • Policy Administration and Operations
  • Claims Processing
  • Pricing / Underwriting
  • Risk Capital and Investment Management
  • Regulatory and Compliance
  • Payment and Collections

3. Healthcare & Pharmaceutical – Blockchain Spending / Market Size

  • Drug Traceability
  • Clinical Trials
  • Drug Development
  • Data Management – Monitoring and IOT Devices
  • Health Records & Data Security
  • Claims Billing and Payment
  • Supply Chain Management

4. Retail – Blockchain Spending / Market Size

  • Product Tracing and Counterfeit Goods
  • Billing and Payment
  • Claims and Settlements
  • Virtual Warranty Management
  • Contract Management
  • Supply Chain Management

5. Automotive & Transport – Blockchain Spending / Market Size

  • Automotive Spare Parts and Warranty
  • Identity Management
  • Ride Sharing
  • V2X Communication
  • Auto Financing
  • Billing and Payment
  • Supply Chain Management
  • Automotive Asset Transfer

6. Defense & Aerospace – Blockchain Spending / Market Size

  • Supply Chain Management
  • Contract Management
  • Manufacturing Process and Part Identification
  • Document Management and Secure Communication
  • Identity and Access Management
  • Secure Platform and Application Development
  • Asset Transfer
  • Cybersecurity

7. Construction – Blockchain Spending / Market Size

  • Supply Chain Management
  • Asset Transfer
  • Contract Management
  • IOT
  • Identity and Access Management
  • Payment and Settlement

8. Public Sector – Blockchain Spending / Market Size

  • Identity and Access Management
  • Voting Systems
  • Regulatory Compliance and Audit
  • Asset Management and Registration
  • Health Records
  • Processing Tax Payments
  • Government Payments and Citizen Services
  • Other

9. Professional Services – Blockchain Spending / Market Size

  • Identity and Access Management
  • Regulatory Compliance and Audit
  • Payment and Settlement
  • Contract Management
  • Secure Platform and Application Development
  • Document Management and Secure Communication
  • Other

10. Agriculture – Blockchain Spending / Market Size

  • Produce Tracking and Authentication
  • Payment and Settlement
  • Supply Chain Management
  • Contract Management
  • Other

11. Energy and Utilities – Blockchain Spending / Market Size

  • Smart Metering and Billing
  • Contract Management
  • Energy Credits / Certificates
  • Trading and Smart Grids
  • Identity and Access Management
  • Supply Chain Management

Reason to Buy

  • How big is the opportunity for blockchain technology based products and services in China?
  • How much are leading players in China investing in blockchain based initiatives?
  • Which application areas across industries and should be targeted to maximize ROI?

For more information about this report visit https://www.researchandmarkets.com/r/kv64d6

Contacts

ResearchAndMarkets.com

Laura Wood, Senior Press Manager

press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470

For U.S./CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900

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Business Wire

C5 Accelerate Launches its Latest Network Accelerator Program in Washington, D.C.

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WASHINGTON, D.C.–(BUSINESS WIRE)–C5 Accelerate (C5A), a global business accelerator based in Washington, D.C., is pleased to announce its 5th Network Accelerator in Washington to help early stage growth driven companies gain access to education, mentorship, investors and business development support.

C5 is excited to add space technology to its Accelerator as industry and government seek to leverage this domain to create new solutions at the intersection of cyber and space.

Six innovative companies have been chosen to participate in this cohort:

  • ArQit, a groundbreaking security and blockchain-focused space start-up leveraging laser technology to revolutionize the transfer of secure data;
  • Keyless Technologies, a decentralized biometric authentication and identity management platform;
  • ANOVA Intelligence, a cyber intelligence provider for critical infrastructure and U.S. national security agencies;
  • metaMe, a digital privacy data and anonymity company that enables users to control their own information the way they want;
  • YetiCloud, a b2b IT automation software company focused on solving problems in the cloud; and roves the ongoing IT experience for its customers by reducing
  • Think Cyber Security, a cyber education and security awareness training that enables the company to ensure people, who are the last line of defense, are trained and ready for any cyber threat.

These companies will benefit from C5A’s Network Accelerator Program’s proven track record and ability to bring together global leaders, experts, mentors and venture investors as well as its in depth and focused business development agenda for founders and their top leadership team.

The program will launch on September 30th and end with a “panel and pitch day” on October 18th where cohort members will be given the opportunity to present to C5A’s extensive network as well as hear from leading figures within that network and from the cyber and space industries.

About C5 Accelerate

C5 Accelerate is part of the C5 Enterprise, which includes C5 Capital and C5 Philanthropy. C5 Accelerate has been designing and leading startup acceleration programs since 2016. More than 75 startups from 44 countries have graduated from our world-class acceleration program. Our focus is finding world class leaders and technologies in cybersecurity, space, AI and cloud-based technologies.

The investment team is led by seasoned executives, and their work is enhanced by a unique network of strategic partners who are leaders in commerce, technology, industry, geopolitics, academia and government.

Contacts

Emily Jones

ejones@hudsonsandler.com
0207 796 4133

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Business Wire

Global HPC and DaaS Market Analysis, 2019-2024 – ResearchAndMarkets.com

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DUBLIN–(BUSINESS WIRE)–The “High Performance Computing and Data as a Service Market by Technology, Computing Type, Deployment Model, Use Case, Application, Sector (Consumer, Enterprise, Industrial, Government), Industry Vertical, and Region 2019-2024” report has been added to ResearchAndMarkets.com’s offering.

This research evaluates the HPC market including companies, solutions, use cases, and applications. The analysis includes HPC by organizational size, software and system type, server type, and price band, and industry verticals. It also assesses the market for integration of various artificial intelligence technologies in HPC. It also evaluates the exascale-level HPC market including analysis by component, hardware type, service type, and industry vertical. It also provides HPC market sizing by component, hardware type, service type, and industry vertical from 2019 to 2024.

This research also evaluates the technologies, companies, strategies, and solutions for DaaS. It assesses business opportunities for enterprise use of own data, others data, and combination of both. It analyzes opportunities for enterprise to monetize their own data through various third-party DaaS offerings. It evaluates opportunities for DaaS in major industry verticals as well as the future outlook for emerging data monetization. Forecasts include global and regional projections by Sector, Data Collection, Source, and Structure from 2019 to 2024.

Market Summary & Insights

No longer solely the realm of supercomputers, the high-performance computing market is increasingly provided via cluster computing. By way of example, Hewlett Packard Enterprise provides a computational clustering solution in conjunction with Intel that represents HPC Infrastructure as a Service (IaaS). This particular HPC IaaS offering environment provides customized tenant clusters tailored to client and application requirements. Key to this particular solution is the intelligent use of APIs, which enable a high degree of flexibility and what HPE refers to as Dynamic Fabric Configuration.

These type of solutions, provided within a cloud-computing based as a Service model, allow HPC market offerings to be extended via HPC-as-a-Service (HPCaaS) to a much wider range of industry verticals and companies, thereby providing computational services to solve a much broader array of problems. Industry use cases are increasingly emerging that benefit from HPC-level computing, many of which benefit from split processing between localized device/platform and HPCaaS.

HPC currently suffers from an accessibility problem as well as inefficiencies and supercomputer skill gaps. Stated differently, the market for HPCaaS (e.g. access to high-performance computing services) currently suffers from problems related to the utilization, scheduling, and set-up time to run jobs on supercomputers. Some companies are leveraging artificial intelligence (AI) to improve HPC scheduling. As supercomputing resources are typically scarce and expensive, scheduling is important to ensure optimal computational workload scheduling. One company, Microsurgeonbot, Inc. (doing business as MSB.ai), which is developing a tool for setting up computing jobs for supercomputers. There is clearly a very long tail opportunity in HPC through Use of AI tools. HPCaaS will reach scale only through greater supercomputer accessibility.

Data produced by HPC is often difficult to use or even useless at times. Data needs to be managed and presented in a manner that is useful as information. Data as a Service (DaaS) represents a service model in which data is transformed into useful information. DaaS is one part of the larger Everything as a Service (XaaS) cloud computing based services model, including the traditional three horizontals of SaaS (Software as a Service), PaaS (Platform as a Service), and IaaS (Infrastructure as a Service). It intersects with all three and derives value from a number of different horizontals and verticals.

Vendor managed DaaS systems provide necessary scalability and security for sustainable services execution. DaaS is expected to grow significantly in the near future due to a few dominant themes including cloud-based infrastructure/services, enterprise data syndication, and the consumer services trend towards XaaS. In addition to leveraging big data analytics, another approach to transform data into useful information is through the use of AI. One of the important growth areas for the DaaS market is to leverage AI to offer value-added data in a Decisions as a Service model.

Companies Mentioned

  • Advanced Micro Devices Inc.
  • Amazon Web Services Inc.
  • Atos SE
  • Cisco Systems
  • DELL Technologies Inc.
  • Fujitsu Ltd.
  • Hewlett Packard Enterprise
  • IBM Corporation
  • Intel Corporation
  • Microsoft Corporation
  • NEC Corporation
  • NVIDIA
  • Rackspace Inc.

Key Topics Covered

High-Performance Computing (HPC) Market by Component, Infrastructure, Services, Price Band, HPC Applications, Deployment Type, and Region 2019-2024

1. Executive Summary

2. Introduction

3. High-Performance Computing Market Analysis and Forecast

4. High-Performance Computing Company Analysis

5. Conclusions and Recommendations

6. Appendix: Future of Computing

Data as a Service (DaaS) Market: Enterprise, Industrial, Public, and Government DaaS 2019-2024

1. Executive Summary

2. Data as a Service Technologies

3. Data as a Service Market

4. Data as a Service Strategies

5. Data as a Service Applications

6. Market Outlook and Future of Data as a Service

7. Data as a Service Market Analysis and Forecasts 2019-2024

8. Regional DaaS Market Analysis and Forecasts 2019-2024

9. Conclusions and Recommendations

10. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/2vec7s

Contacts

ResearchAndMarkets.com

Laura Wood, Senior Press Manager

press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470

For U.S./CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900

Continue Reading

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