A&O takes lead for General Electric on $3.2bn France energy acquisition
Allen & Overy (A&O) has taken a lead role for General Electric on its energy division's purchase of a 90% stake in French energy company Converteam, reports The Am Law Daily. GE Energy will pay $3.2bn (£2bn) to acquire the stake from a group of controlling shareholders that includes Converteam management, Barclays Private Equity and LBO France.
March 30, 2011 at 06:34 AM
2 minute read
Allen & Overy (A&O) has taken a lead role for General Electric on its energy division's purchase of a 90% stake in French energy company Converteam, reports The Am Law Daily.
GE Energy will pay $3.2bn (£2bn) to acquire the stake from a group of controlling shareholders that includes Converteam management, Barclays Private Equity and LBO France.
A&O Paris corporate partner Jean-Claude Rivalland led the team advising GE on the transaction. Brackett Denniston is GE's general counsel.
Converteam specialises in producing energy-efficient solutions for the electrification and automation industry. The France-based company operates in more than 80 countries and reported sales of about $1.5bn in 2010.
The remaining 10% stake, which GE says it plans to purchase over the next two to five years, is owned by Converteam's senior management.
GE chief executive Jeffrey Immelt announced last October that the company had $20bn (£12.4bn) in discretionary cash to spend on takeovers.
A&O, along with Weil Gotshal & Manges, also advised GE twice in January, when the company sold its GE Money unit in Singapore and entered into a $1.3bn (£809m) joint venture with the Aviation Industry Corporation of China (AVIC). Last month, the firm advised on GE's $2.8bn (£1.7bn) acquisition of oil services company John Wood Group's well support division.
The Am Law Daily is a US affiliate title of Legal Week.
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