Deals
GE to Buy JV Stakes for $3.1 Billion as Alstom Confirms Exit
- French company exercises options to sell amid market slump
- Joint ventures created as part of GE’s 2015 Alstom purchase
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General Electric Co. will be required to buy Alstom SA’s stakes in three energy joint ventures for 2.59 billion euros ($3.1 billion), closing a lengthy chapter in the massive 2015 tie-up that has become a headache for the beleaguered U.S. manufacturer.
Alstom said Thursday that it will exercise its options to exit the renewable energy, grid and nuclear businesses that were created as part of the original $10 billion deal, which gave GE control of the French company’s gas-turbine operations. The transfer to GE of the joint-venture assets will occur on Oct. 2, according to a statement.