This acquisition will help GE widen its portfolio of high-efficiency electrical equipment for the oil and gas, thermal and renewable energy markets.
Last week, GE received conditional approval from the US regulators for this acquisition, and the US Department of Justice said it would allow the deal to go through but GE is required to sell Converteam’s Electric Machinery Holding Co.
Converteam’s senior management will now retain the remaining 10% stake in the company.
GE also said in March that it had signed agreements with Converteam senior management to buy the remaining 10% stake in the company over the next two to five years.
The portfolio of Converteam includes variable frequency drives and other power electronics, advanced motors and generators, as well as industrial automation and controls.
The company also provides a range of automation and control systems that allow customers to optimize their production processes in the metals, mining and other industries.
