U.S. officials recently approved a move made by General Electric Energy, based in Atlanta, Georgia, to acquire Converteam, a French provider of power systems, for $3.2 billion, Reuters reports. The acquisition gives GE a majority stake in the company.
The deal will allow GE to utilize Coverteam's high-efficiency power motors, generators and electronics to strengthen the company's power conversion and automation sector, which is reportedly worth $30 billion worldwide.
In order for the deal to proceed, the federal government demanded that GE sell Converteam Group SAS's Electric Machinery Holding Company. The deal was under close watch by both U.S. and European regulators because of antitrust concerns. Both companies make high-efficiency motors and are often the only bidders for contracts.
The GE deal is just one of a number of acquisitions made over the last year, totalling $11 billion worth of business.
According to the GE Energy website, the company employs over 82,000 employees around the world and prides itself in developing and utilizing technology that can efficiently harness natural resources and renewable resources, such as coal, oil, natural gas, nuclear energy, wind, solar and biogas.