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Alstom inks USD 3 billion agreement with GE

Power News - Published on Tue, 15 May 2018

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Reuters reported that French manufacturing group Alstom had signed an agreement with General Electric to exit three joint ventures in return for a payment of 2.594 billion euros (USD 3.08 billion). The three joint ventures, in grid, nuclear and renewable assets, were created as part of Alstom's 12.35 billion euro sale of its energy business to General Electric in 2015.

The company announced in a statement that "Alstom intends to exercise its options to sell its interests in the 'Renewables' and 'Grid' Joint Ventures in 2018.”

It said that the exercise of these options between September 4 and 10 would imply General Electric had exercised its option to acquire Alstom's interest in the "nuclear" joint venture.

It said that the three joint ventures would be transferred to GE's full ownership on October 2.

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Posted By : Rabi Wangkhem on Tue, 15 May 2018
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