GE has merged Baker Hughes, a new company named Bake Hughes a GE company established. The new company will begin trading on Wednesday on the New York Stock Exchange under the stock ticker "BHGE."

The new company will surpass the Hulliburton to be the second oil and service oil company, which is only next to the Schlumberger. The Baker Hughes will expand his business in the oil and gas industry around the whole world. And the GE will put more effort and more energy to get in this field. This merger is beneficial for both of the company.

For Baker Hughes, the deal helps it grow in size and become an even-more important player in the industry after antitrust concerns scuttled a tie-up last year with rival Halliburton Co. The GE deal vaults the merged business past Halliburton to rival only Schlumberger NV for dominance in the global oilfield service market.

For GE, the deal will help it focus more on the oil and gas sector, especially in North America, while shielding the parent company's earnings from the energy industry's boom and bust cycles. All of GE's oil and gas-related businesses will be folded into the new company, which will be 62.5 percent owned by GE. Baker shareholders will own the rest and receive a one-time, $17.50 dividend.