EU clears GE-Rosneft IoT joint venture buyout
The company will focus on the development, implementation, licensing and operation of industrial Internet of Things (IoT) applications based on the Predix Platform offered by GE.
GE is a manufacturing, technology and services firm involved in a variety of sectors, including oil and gas manufacturing, services and digital solutions.
Rosneft’s subsidiary Sibintek, which has a stake in the joint venture, provides information technology (IT) solutions.
The Commission said the proposed acquisition would raise no competition concerns because the joint venture has “negligible actual and foreseen activities” within the European Economic Area.