GE overcomes hurdle in Converteam trade sale
General Electric (GE) has reached an agreement with the US Justice Department (DoJ) allowing it to acquire French engineering group Converteam from Barclays Private Equity and LBO France.
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.
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