The UK’s competition regulator said on Wednesday it has cleared oilfield services firm Baker Hughes Co’s acquisition of Altus Intervention.
Baker Hughes, the world’s second-largest oilfield services provider, said in June it would buy privately held Altus for $1.8 billion in cash and stock to expand its intervention and stimulation services business.
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The Competition and Markets Authority (CMA) said it had cleared the deal after finding that the two firms were not close competitors in the UK.
The CMA added that there were no concerns that the deal would lead to a substantial lessening of competition in Altus’ market for intervention services in the North Sea.
