GE energy business to acquire 90 per cent of Converteam

Advanced-technology company GE has announced that its energy business has entered into an agreement to acquire approximately 90 per cent of Converteam, a provider of electrification and automation equipment and systems, from a controlling shareholder group that includes management, Barclays Private Equity and LBO France for approximately $3.2bn (£2bn).

The transaction, endorsed by Converteam’s management team and employee-representative groups, is expected to close during third-quarter 2011, subject to customary closing conditions.