The $30 billion deal between GE (GE) - Get Report and Baker Hughes (BHI) creates an energy powerhouse with a ton of cost-cutting synergies, says TheStreet's Jim Cramer. The combined company could cut costs to better compete with rivals such as Schlumberger (SLB) - Get Report to provide equipment to oil rigs and wells. Under terms of the deal, Baker Hughes shareholders will receive a special one-time cash dividend of $17.50 a share and 37.5% of the new company. GE will own 62.5% of the company. The transaction is expected to close in mid-2017, the companies said Monday. The transaction is expected to add about $0.04 a share to GE's earnings in 2018, and $0.08 a share by 2020.