GE has completed the divestment of select power generation assets to Ansaldo Energia, a condition of GE’s $10.6 billion Alstom acquisition.
The final purchase price was €120 million, about $130.4 million. The transaction was first announced last September when the acquisition of Alstom’s power and grid businesses was approved by the European Commission and the U.S. Department of Justice on the condition that GE would divest segments of Alstom’s heavy-duty gas turbine business.
Under the terms of the deal, GE divested:
- Alstom’s GT26 (F-class gas turbine) project line for new unit sales;
- Alstom’s GT36 technology development program, which would result in an H-class gas turbine product upon completion;
- Service contracts for 34 GT26 units (the remaining Alstom installed base of about 720 units remains with GE); and
- Alstom’s Power Systems Manufacturing (PSM) business, which provides after-market parts and services for other OEMs’ equipment.