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GE completes divestment of power generation assets to Ansaldo Energia
- 8 years ago (2016-03-01)
- David Flin
GE has closed its transaction to divest select power generation assets to Ansaldo Energia . GE first announced the transaction in September 2015, when the European Commission and the US Department of Justice approved GE’s acquisition of Alstom’s Power and Grid businesses on condition that GE would divest segments of Alstom’s heavy-duty gas turbine business, pending regulatory approvals. The final deal is valued at €120 million, and the transaction has met all required regulatory approvals.
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In addition, to address concerns raised by the Department of Justice and the European Commission regarding competition for the service of GE gas turbines, GE has divested Alstom’s Power Systems Manufacturing (PSM) business, which provides after-market parts and services for other OEMs’ equipment. GE will receive a licence to the PSM intellectual property used to offer after-market services for non-GE gas turbines.