UK competition watchdog opens inquiry into Baker Hughes, Akastor deal

UK competition watchdog opens inquiry into Baker Hughes, Akastor deal

The UK competition watchdog is investigating the planned merger of Baker Hughes' subsea drilling systems business with investment firm Akastor's MHWirth subsidiary.

The US and Norwegian companies said in March that they intended to combine the two units to create a 50:50 joint venture company capable of delivering a global offshore drilling equipment offering.

Its operations were to be managed from offices in Houston, Texas, and Kristiansand, Norway.