BHGE has closed on a secondary stock offering that will end the majority stake of US conglomerate General Electric in the oilfield services provider.

As of the completion of the transaction, the company’s Class A common stock will now trade under the ticker BKR, and the company will change its name to Baker Hughes Company, also known as Baker Hughes.

“As a result of this offering, GE and its affiliates ceased to hold more than 50% of the voting power of all classes of BHGE’s voting stock,” the company said.

Baker Hughes closed the offering of 132.25 million shares with a par value of $0.0001 per share at a price of $21.50 per share. The closing covers underwriters’ exercise of their option, with an additional 17.25 million shares of Class A common stock.

BHGE also repurchased from GE a total of 11.8 million shares of BHGE stock in a privately negotiated transaction, a par value of $0.0001 per Class B share.

The move means that GE will reduce its designated positions on the BHGE board from five to one, with John Rice set to stay on in the singular spot.

Jamie Miller and James Mulva will resign, submitting that documentation to the board’s conflicts committee.

Chief executive Lorenzo Simonelli and Geoffrey Beattie will remain on the board but not as GE designees. “Today’s transaction marks an important milestone in our journey, and we have an exciting future ahead built on a strong foundation,” Simonelli said.

“We are a differentiated energy technology company and our unique value proposition positions us well with our customers and in the market.”

GE originally acquired Baker Hughes in a $7.4 billion deal that was finalised in 2017 as part of a diversification push, combining it with its existing oil and gas business, GE Oil & Gas, to form BHGE.

However, less than a year after completing the combination process, GE made a major strategic shift, saying it would pursue a renewed focus on its core businesses of aviation, power and renewable energies, aiming to raise more cash and pay down debt.

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Baker Hughes back on its own