Alstom exits GE Energy Joint Ventures

On May 9, Alstom has signed an agreement with General Electric to sell its stakes from the three Energy Joint Ventures. The value of the transaction is EUR 2.59 billion. The “Renewables”, “Grid” and “Nuclear” Joint Ventures were set up in November 2015 as part of the sale of the Alstom Energy business to General Electric.
Alstom intends to exercise its options to sell its interests in the “Renewables” and “Grid” Joint Ventures in 2018. If these options are exercised during the exercise period, between September 4th and September 10th, GE will then be deemed to have exercised its option to acquire Alstom’s interest in the “Nuclear” Joint Venture.
The transfer of all assets to GE will occur on 2 October 2018.
In September 2017, Alstom and Siemens signed an agreement to merge their railway operations. In March 2018, the two companies entered into a Business Combination Agreement (BCA) regarding the proposed combination of Siemens’ mobility business, including its rail traction drive business, with Alstom. Also, this spring, Alstom and Siemens announced the proposed leadership for the future Board of Directors of Siemens Alstom, which will consist of 11 members. Closing is expected at the end of calendar year 2018.

Photo: GE Power & Water

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