GE Power & Water, Alstom Power partner to form innovative industrial business
GE recently announced that it has completed the acquisition of Alstom's power and grid businesses -- GE's largest-ever industrial acquisition. Further, with the completion the acquisition, GE Power & Water and Alstom Power have combined to form GE Power.
Nov. 3, 2015 -- GE recently announced that it has completed the acquisition of Alstom's power and grid businesses -- GE's largest-ever industrial acquisition. The completion of the transaction follows the regulatory approval of the deal in over 20 countries and regions including the U.S., as well as EU, China, India, Japan, and Brazil.
GE reached an agreement with Alstom in 2014 to purchase its power and grid businesses for €12.35 billion ($13.57 billion). Adjusting for the joint ventures announced in June 2014, changes in the deal structure, price adjustments for remedies, net cash at close, and including the effects of currency, the purchase price is €9.7 billion ($10.6 billion).
With the completion of its Alstom acquisition, GE Power & Water and Alstom Power have combined to form GE Power. Headquartered in Schenectady, N.Y., Steve Bolze will serve as president and CEO of the company, leading more than 65,000 employees in over 150 countries with estimated revenue of $30 billion.
By combining the strongest attributes of GE's power generation technologies, services and expertise with Alstom Power's technology and geography, the global utility sector will benefit from a world-class supplier of total power plant and lifecycle solutions that can support equipment from multiple suppliers. GE Power provides a diverse portfolio of technologies and suite of services that help make power more affordable, reliable and sustainable.
GE (NYSE: GE) is the world's Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. For more information, visit www.ge.com.