The European Commission said on April 6 it approved under the EU Merger Regulation the acquisition of joint control over a joint venture based in Russia by the US’ General Electric Company (GE) and Rosneft Oil Company, through its subsidiary Sibintek LLC, both of Russia.

According to the European Commission, the joint venture will focus on the development, implementation, marketing, licensing and/or operation of industrial Internet of Things (IoT) applications based on the Predix Platform offered by GE.

GE is a global, diversified manufacturing, technology, and services company active in a variety of sectors including oil & gas manufacturing, technology, services,and digital solutions.

Rosneft is active in the exploration, development, production, and sale of crude oil and natural gas and the refining and marketing of petroleum products and petrochemicals. Sibintek provides information technology (IT) solutions to Rosneft and other customers in Russia.

The Commission said the EC concluded that the proposed acquisition would raise no competition concerns because the joint venture has negligible actual and foreseen activities within the European Economic Area. The transaction was examined under the simplified merger review procedure.