General Electric has completed its $10.6 billion acquisition of Alstom Power, which join the global conglomerate's GE Power & Water group to form GE Power.
The multi-billion dollar deal represents the largest industrial acquisition in GE's (NYSE: GE) history.
"The completion of the Alstom power and grid acquisition is another significant step in GE's transformation," GE chairman and CEO Jeff Immelt said "The complementary technology, global capability, installed base and talent of Alstom will further our core industrial growth.
"We are open for business and ready to deliver one of the most comprehensive technology offerings in the energy sector for our customers."
GE Power will be based in Schenectady, N.Y., under the leadership of president and CEO Steve Bolze. The group includes more than 65,000 employees in over 150 countries, with an estimated $30 billion in revenue.
The group will be divided into six businesses and lines of leadership, including:
- Power Services, headquartered in Baden, Switzerland, and led by Paul McElhinney.
- Gas Power Systems, headquartered in Schenectady and led by Joe Mastrangelo.
- Steam Power Systems, headquartered in Baden, Switzerland, and led by Andreas Lusch.
- Distributed Power, headquartered in Jenbach, Austria, and led by Lorraine Bolsinger.
- GE Hitachi Nuclear Energy, headquartered in Wilmington, North Carolina, and led by Jay Wileman, succeeding Caroline Reda who will now head up Power Services’ North America region.
- Water & Process Technologies, headquartered in Trevose, Pennsylvania, and led by Heiner Markhoff.
General Electric reached an agreement with Alstom in 2014 to purchase the Paris-based corporation's power and grid business. The deal received regulatory approvals in more than 20 countries and regions, including the European Union, United States, China, India, Japan and Brazil.