EU clears GE-Rosneft IoT joint venture buyout

The company will focus on the development, implementation and operation of industrial Internet of Things applications

By Priyanka Shrestha

The European Commission has approved the acquisition of a joint venture based in Russia by General Electric (GE) and Rosneft.

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.