GE has agreed to sell its Distributed Power business to Advent International in a $3.25 billion deal. The transaction includes Distributed Power’s Jenbacher and Waukesha engines, as well as manufacturing sites in Austria, Canada and the U.S.
Distributed Power, a business unit of GE Power, with approximately 3,000 employees in three main facilities in Austria, Canada and the U.S., provides reciprocating gas engines, power equipment and services focused on power generation and gas compression at or near the point of use.
The buyer, Advent International, has a strong global network as well as extensive experience in carve-outs of large industrial companies to significantly support the Distributed Power business in expanding its market position and establishing a strong standalone entity.
“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 Power.
According to Ranjan Sen, managing partner at Advent International, the Distributed Power unit is a terrific asset for the firm and offers highly regarded engines that are the go-to OEM for the efficient generation of electrical power and heat as well as gas compression.
“GE Power will continue to invest in developing the energy technologies of the future and improving the power networks we depend on today,” said Russell Stokes, President and Chief Executive Officer of GE Power.
GE Power generates one-third of the world’s electricity. Its technology has equipped 90 per cent of power transmission utilities worldwide, and 40 per cent of the world’s energy is managed by its software.
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