GE Completes Acquisition of Alstom Power and Grid Businesses

Noria news wires
Tags: energy management

General Electric (GE) recently announced that it has completed the acquisition of Alstom's power and grid businesses. The completion of the transaction follows the regulatory approval of the deal in more than 20 countries and regions, including the United States, the European Union, China, India, Japan and Brazil. It is GE's largest-ever industrial acquisition.

GE reached an agreement with Alstom in 2014 to purchase Alstom's power and grid businesses for $13.5 billion. Adjusting for the joint ventures announced in June 2014 (renewables, grid and nuclear), changes in the deal structure, price adjustments for remedies, net cash at close, and the effects of currency, the purchase price is approximately $10.6 billion. This includes working capital usage of approximately $0.6 billion in October.

"The completion of the Alstom power and grid acquisition is another significant step in GE's transformation," said Jeff Immelt, GE chairman and CEO. "The complementary technology, global capability, installed base and talent of Alstom will further our core industrial growth. We are open for business and ready to deliver one of the most comprehensive technology offerings in the energy sector for our customers."

GE also announced that it has completed the sale of its rail signaling business to Alstom for approximately $800 million.

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