GE Energy to acquire majority of Converteam
Published Thursday, 31st March 2011
GE’s Energy business has entered into an agreement to acquire approximately 90 per cent of Converteam, a provider of electrification and automation equipment and systems.
The acquisition from a controlling shareholder group that includes management, Barclays Private Equity and LBO France is valued at about $3.2 billion. The transaction is expected to close during the third quarter of 2011, subject to customary closing conditions.
Converteam’s solutions enable customers in a variety of industries to replace or improve mechanical processes with high-efficiency electric alternatives that deliver better reliability, less maintenance and lower emissions. Converteam’s portfolio includes drives and other power electronics, advanced rotating machines, generators and controls that, when integrated, address critical customer needs.
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