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GE To Acquire Converteam For $3.2Bln

Industry Sector



29 March 2011


Mike King

Type of News

Mergers & Acquisitions

US-based conglomerate GE said Tuesday that it had struck an agreement to acquire 90 percent of Converteam, a leading provider of electrification and automation equipment and systems, for $3.2 billion.

GE has agreed to acquire Converteam from a controlling shareholder group that includes management, Barclays Private Equity and LBO France.

The deal is backed by Converteam's management team and employee groups and is anticipated to close during the third quarter of the year, pending customary closing conditions.

Converteam's solutions enable its customers in a variety of industries to change or improve mechanical processes with high-efficiency electric alternatives that deliver higher reliability, less maintenance and reduced emissions.

Converteam's portfolio includes drives and other power electronics, advanced rotating machines, generators and controls that when integrated address critical customer needs across industries.

GE said in a statement that the multi-sector energy efficiency, electrification and automation industry, in which Converteam participates, was valued at over $30 billion in 2010 and is growing at rates above global GDP growth.

GE and Converteam have agreed that GE will purchase the outstanding 10 percent in Converteam over the next two to five years from senior management.

Converteam, which is based in Massy, France, operates across six vertical sectors: offshore oil and gas, power generation, wind and solar renewables, industrial, marine and services.

Author: Justin Cole, analyst.


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