Thursday 13 September 2018

EU clears Advent’s buyout of GE Distributed Power business

The European Commission has approved the purchase of GE Distributed Power business by Advent International Corporation for $3.25 billion (£2.5bn).

The former company, a business unit of GE Power, manufactures and sells gas engines and provides aftermarket services related to these engines, including the supply of spare parts.

Advent is a private equity investor with holdings in various sectors, including financial services, industrial goods and services, leisure services and healthcare.

The acquisition includes GE Distributed Power's Jenbacher and Waukesha engines as well as manufacturing sites in Austria, Canada and the US.

The Commission said the deal would not raise any competition concerns as the companies’ activities do not overlap in the European Economic Area.