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GE to buy power equipment firm Converteam for USD3.2bn
General Electric (GE) is snapping up a 90% stake in Converteam for USD3.2bn. The firm is acquiring the stake from a controlling shareholder group that includes management, Barclays Private Equity and LBO France. Converteam’s management will retain the remaining 10% stake for now, however GE plans to purchase it for up to USD480m over the next two-to-five years. The deal is expected to close in Q3 of this year. Converteam employs 5,300 people in around 80 countries, and last year generated sales of around 1.5bn and EBITDA of approximately USD239m.
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