GE’s energy business will acquire about 90% of Converteam, a provider of electrification and automation equipment and systems for approximately $3.2bn.
GE will purchase the stake from a controlling shareholder group that includes management, Barclays Private Equity and LBO France, while Converteam’s senior management will retain the remaining 10% stake.
Converteam’s portfolio includes drives and other power electronics, advanced rotating machines, generators and controls.
The firm’s solutions allow the conversion of electricity into mechanical performance to power and control motion or industrial assets such as natural gas pipelines and gas-gathering compressors.
The portfolio also adresses transforming mechanical power into grid-quality electricity in wind turbine, thermal power or hydro power installations and adjusting electrical frequency to precise user requirements.
Converteam’s products are used in the renewable energy sector for converting intermittent and variable power from solar, wind and tidal power into the high-quality and reliable power for grid operators.
With the acquisition, GE is be able to offer a broad range of integrated generators, converters and inverters, power quality and grid connection solutions for the onshore / offshore wind turbine and solar plant sectors.