The
European Commission said on April 6 it approved under the EU Merger Regulation
the acquisition of joint control over a joint venture based in Russia by the
US’ General Electric Company (GE) and Rosneft Oil Company, through its
subsidiary Sibintek LLC, both of Russia.
According
to the European Commission, the joint venture will focus on the development,
implementation, marketing, licensing and/or operation of industrial Internet of
Things (IoT) applications based on the Predix Platform offered by GE.
GE is a
global, diversified manufacturing, technology, and services company active in a
variety of sectors including oil & gas manufacturing, technology,
services,and digital solutions.
Rosneft is
active in the exploration, development, production, and sale of crude oil and
natural gas and the refining and marketing of petroleum products and
petrochemicals. Sibintek provides information technology (IT) solutions to
Rosneft and other customers in Russia.
The
Commission said the EC concluded that the proposed acquisition would raise no
competition concerns because the joint venture has negligible actual and
foreseen activities within the European Economic Area. The transaction was
examined under the simplified merger review procedure.
https://www.neweurope.eu/article/eu-clears-acquisition-general-electric-rosneft-joint-venture/