Delegation of the European Union to Russia

Mergers: Commission clears acquisition of a joint venture by General Electric and Rosneft

Bruxelles, 09/04/2018 - 09:58, UNIQUE ID: 180409_5
Press releases

The European Commission has approved, under the EU Merger Regulation, the acquisition of joint control over a joint venture based in Russia by General Electric Company ("GE") of the US and Rosneft Oil Company, through its subsidiary Sibintek LLC, both of Russia. 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, among others, 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 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.

 

More information

Commission's competition website (in the public case register under the case number M.8820)

 

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