GE acquires Alstom’s power and grid business
General Electric (GE) has completed the acquisition of Alstom’s power and grid businesses following the regulatory approval of the deal in over 20 countries and regions.
In April 2014, GE reached an agreement with Alstom to purchase Alstom’s power and grid businesses for €12.35 billion, but the deal was adjusted in June 2014 for the joint ventures including renewables, grid, and nuclear, as well as for the changes in the deal structure, price adjustments for remedies, net cash at close, including the effects of currency, amounting to the final purchase price of €9.7 billion.
Jeff Immelt, Chairman and CEO at GE, said: “The completion of the Alstom power and grid acquisition is another significant step in GE’s transformation. 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.”
Image: Alstom/Alstom’s 1 MW tidal turbine