GE overcomes hurdle in Converteam trade sale

The DoJ filed a lawsuit on Monday to block the $3.2bn purchase, stating that the planned acquisition by GE would have threatened competition among manufacturers of low-speed synchronous electric motors.

The settlement requires GE to divest Converteam's electric machinery unit, a small US subsidiary that accounted for around 3% of the group's 2010 revenue, according to GE. The settlement will have to be approved by a federal judge.

The Fairfield-based trade buyer added in a statement that the transaction should close in the coming weeks.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• France
• Exits
• Industrials
• France
• Trade sale
• Barclays Private Equity
• LBO France