The $30 billion deal between GE and Baker Hughes creates an energy powerhouse with a ton of cost-cutting synergies, said TheStreet’s Jim Cramer. The combined company could cut costs to better compete with rivals such as Schlumberger to provide equipment to oil rigs and wells. Under terms of the deal, Baker Hughes shareholders will receive a special one-time cash dividend of $17.50 a share and 37.5% of the new company. GE will own 62.5% of the company. The transaction is expected to close in mid-2017, the companies said in a press release Monday. The transaction is expected to add about 4 cents a share to GE’s earnings in 2018, and 8 cents a share by 2020.
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