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March 29, 2011 03:17 pm GMT
GE Energy this morning announced that it has acquired a stake of approximately 90 percent of Converteam, a France-based provider of electrification and automation equipment and systems, for approximately $3.2 billion. Converteam's senior management will retain the remaining stake in the company, but GE has agreed to purchase their shares over the next two to five years for a price that it expects not to exceed $480 million. Converteam was previously owned by a shareholder group that includes the company's management, Barclays Private Equity and LBO France. To learn more about the company's history, check out its Wikipedia profile.
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/h1yocgm4-Z8/
GE Buys Electrical Engineering Company Converteam For Up To $3.7 Billion
GE Energy this morning announced that it has acquired a stake of approximately 90 percent of Converteam, a France-based provider of electrification and automation equipment and systems, for approximately $3.2 billion. Converteam's senior management will retain the remaining stake in the company, but GE has agreed to purchase their shares over the next two to five years for a price that it expects not to exceed $480 million. Converteam was previously owned by a shareholder group that includes the company's management, Barclays Private Equity and LBO France. To learn more about the company's history, check out its Wikipedia profile.Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/h1yocgm4-Z8/
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