Multinational conglomerate General Electric Co. (GE) has completed the merger of GE Oil & Gas and Baker Hughes Inc. (BHI) in a deal that will secure the company’s spot as the world’s No. 2 oilfield service provider.

GE saw its shares jump 2% on Monday following the closing of the megadeal as BHI stock soared 5.8% on its last day of trading. GE owns 62.5% of the newly combined entity trading under the ticker BHGE, while Baker Hughes and its shareholders own a 37.5% stake. All shares traded under the previous BHI ticker have been converted to BHGE and shareholders received a one-time dividend payment of $17.50 per share. Due to the special dividend, BHGE opened on Wednesday at $40.80, down 29.1% from BHI’s close on Monday. (See also: General Electric to Merge Oil and Gas Business With Baker Hughes.)

The industrial giant is bullish on its ability to bring together the two companies’ “capabilities across the full value chain of oil and gas activities—from upstream to midstream to downstream.”

Announced in October 2016, GE’s decision to double down on its petroleum-related operations comes amid a historic decline in crude oil prices. However, then-Chief Executive Officer (CEO) Jeffrey Immelt said that the deal would result in a diversified portfolio spanning oilfield services, equipment manufacturing and technology that can “weather the cycles better than anybody.”

Analysts at RBC believe the transaction enhances Baker Hughes’ competitive position. “We remain positive on BHI's combination with GE O&G and are encouraged by the potential for revenue upside from digital integration and shifting focus to products and technology,” wrote analyst Kurt Hallead.

Want to learn how to invest?

Get a free 10 week email series that will teach you how to start investing.

Delivered twice a week, straight to your inbox.