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GE Will Pay $3.2B For Coverteam

GE said it will pay about $3.2 billion for a 90% ownership in electrification and automation equipment maker Converteam, Reuters reported. GE is buying the company from a group of shareholders that includes Barclays Private Equity and LBO France, Reuters said. Converteam’s senior management will retain a 10 percent stake in the company.

(Reuters) – GE said it will buy about 90 percent of electrification and automation equipment maker Converteam for $3.2 billion from a group of shareholders including Barclays Private Equity and LBO France.

The deal will help GE expand its presence in power electronics, industrial automation and process controls, the largest U.S. conglomerate said in a statement.

Converteam’s senior management will retain a 10 percent stake in the company. (Reporting by A. Ananthalakshmi; Editing by Saumyadeb Chakrabarty)