CCI approves GE acquisition of Alstom’s India assets
Fair trade regulator Competition Commission of India (CCI) has approved the acquisition of Alstom’s India assets by General Electric as part of <g data-gr-id="27">global</g> deal. In a filing to the BSE on Tuesday, Alstom said that the CCI in its meeting held on May 5 this year approved the acquisition of Alstom’s India assets by General Electric as part of the global deal.
General Electric had announced earlier that it will acquire thermal, renewable and grid businesses, as well as corporate and shared services (the energy transaction) of Alstom for a fixed and unchanged price representing an equity value of 12.35 billion euro and an enterprise value of 11.4 billion euro. Under the terms of the updated offer, following completion of the energy transaction, Alstom and GE would establish joint ventures in Grid and Renewable Power.
In Grid, each company would hold a 50 per cent stake in a global business combining Alstom Grid and GE Digital Energy. In Renewable, each company would hold a 50 per cent stake in Alstom’s
Off-shore Wind and Hydro businesses. Under the deal, Alstom and GE would create a 50/50 Global Nuclear and French Steam alliance.