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Following the EU Commission approval on 8th September, 2015, of General Electric's
of Alstom's power and grid businesses, Ansaldo Energia
has announced that it has signed a binding agreement with General Electric to acquire Alstom's assets. This is likely to allow the company to increase its turnover twofold in the coming five years, in the gas turbine sector.
The approval is conditional upon the divestiture of main and technologically most advanced parts of Alstom's heavy duty gas turbine business and key personnel for its further development. Fondo Strategico Italiano and Shanghai Electric also hold stakes of 44.8% and 40% respectively.
will acquire the following Alstom's assets:
Ansaldo Energia will license to General Electric to offer after-market services:
General Electric will also provide certain transitional services to support the continuity and viability of the business in the short term. This deal is expected to close early in 2016 following receipt of required regulatory approvals.
Giuseppe Zampini, CEO, Ansaldo
Energia said, “This agreement lays the foundations for Ansaldo Energia to enhance a sustainable growth in power
generation industry by extending technological capability and product portfolio in the advanced heavy duty gas turbine business both in equipment and service basis.”