GE has announced that its Energy business has entered into an agreement to acquire approximately 90 per cent of Converteam from a controlling shareholder group that includes management, Barclays Private Equity and LBO France, for approximately US$ 3.2 billion.
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. Converteam’s senior management will retain approximately a 10 per cent stake in the company. GE and Converteam senior management have entered into agreements pursuant to which GE would purchase the remaining shares in the company over the next two to five years.
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. Converteam’s senior management will retain approximately a 10 per cent stake in the company. GE and Converteam senior management have entered into agreements pursuant to which GE would purchase the remaining shares in the company over the next two to five years.
