Advent to acquire GE’s Distributed Power business in $3.25bn deal

By Pouyan Broukhim

Boston-based buyout firm Advent has announced that it has agreed to acquire the Distributed Power business of General Electric (GE) in a deal valued at $3.25bn.

The division has approximately 3,000 employees globally, accounting for $1.317bn sales last year alone.

See also:

The sale, expected to complete in Q4 2018, continues to aid GE in its cost cutting plan, first announced last year, with the company aiming to shed $20bn worth of assets of the course of 36 months.

“This transaction not only accelerates our reinvestment in our business, but also enables Distributed Power to be best positioned to pursue its growth strategy,” said Russell Stokes, President and Chief Executive Officer of GE Power. 

The deal will include Distributed Power’s leading assets such as its Jenbacher and Waukesha engines, alongside a number of manufacturing sites across Austria, Canada and the US.

“Our Jenbacher and Waukesha brands and engines are recognized all over the world for their performance and reliability, and Advent’s deep sector expertise will allow us to further strengthen our capabilities for the benefit of our worldwide customers,” said Carlos Lange, President of Distributed Powers. “Advent will help accelerate our growth as we continue to execute on our priorities.” 

GE Power generates approximately one third of the world’s electricity, whilst 40% of the world’s energy is managed by the company’s software.

Share

Featured Articles

DEI done right: Brook Sims, COO, MAC Diversity Recruiters

Passionate about helping others find their voice, diversity leader and COO Brook Sims talks powerful leadership, diverse teams and being a change agent

Q&A: China’s ecommerce innovator Jeff Li, CEO of Shoplazza

Named in Fortune China’s 40 under 40 for 2022, former Baidu head Jeff Li is the entrepreneurial founder and CEO of ecommerce platform Shoplazza

How hybrid work is revolutionising the physical office

As hybrid work models roll out worldwide, the purpose of the office is changing with collaboration, connection and networking taking centre stage

Trailblazer: Shanique Bonelli-Moore, DEI chief at Clorox

Sustainability

Dean Forbes – the Forterro CEO aiming for the moon

Leadership & Strategy

Why becoming a B Corp is good for business

Sustainability