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GE’s Acquisition of Alstom’s Power and Grid Business Is Official

Alstom Chairman and Chief Executive Kron attends an inaugural visit of the Alstom offshore wind turbine plants in Montoir-de-Bretagne

Following regulatory approval of a $10.6 billion transaction in over 20 countries and regions, GE’s acquisition of Alstom’s energy activities is now complete.

GE and Alstom sealed the deal first proposed in early 2014 with the signing of a 1, 500-page “master agreement.” GE had initially proposed buying Alstom’s lucrative business for €12.35 billion, but following adjustments for the joint ventures announced in June 2014 as they pertain to the entities’ renewables, grid, and nuclear activities, changes in deal structure, and other adjustments, the final purchase price is €9.7 billion ($10.6 billion).

The entities struggled to woo governments in several countries and to finally garner more than 20 authorizations of the transaction, including in the European Union (EU), the U.S., China, India, Japan, and Brazil, to seal the deal.

The deal also includes the sale of GE’s rail signaling business to Alstom for $800 million. It means that Alstom, the behemoth French maker of power equipment and grid software solutions—a company on whose technology the world once depended on for 25% of its power production capacity, from gas, to coal, to wind—will from Nov. 2 entirely refocus its activities on rail transport.

Read the full story at Power Mag, by Sonal Patel

 

READ MORE: ALSTOM

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Alstom and Bombardier are threatening to sue Israel Railways over a dispute related to a current tender worth an estimated $3.6 billion. They claim that two of the Chinese companies in the electrification contract More…

Alstom Chairman and Chief Executive Kron attends an inaugural visit of the Alstom offshore wind turbine plants in Montoir-de-Bretagne

France’s Alstom, which is selling most of its power equipment business to General Electric, confirmed its full-year revenue and profit target after posting a 10 percent quarterly sales jump at its More…

Alstom Chairman and Chief Executive Kron attends an inaugural visit of the Alstom offshore wind turbine plants in Montoir-de-Bretagne

– The French power and transportation company Alstom will pay a record $772.3 million fine and plead guilty to settle U.S. criminal charges that it funneled million of dollars in bribes through sham consultants More…

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