General Electric swoops in on £2bn Converteam
Engineering business Converteam, which has its UK base in Rugby and operations in Staffordshire, is at the centre of a £2bn takeover swoop by General Electric. A shareholder group, which owns 90 per cent of Converteam, has entered into an agreement with the energy business of General Electric.
The shareholder group includes management, Barclays Private Equity and LBO France.
Converteam president and chief executive Pierre Bastid said: "GE and Converteam complement each other superbly. As a long-standing partner, GE fully understands our business model and will add significant value by allowing our technologists to work within GE’s tremendous network of researchers and engineers.
"In addition, we will expand our global footprint, extend our customer reach and be able to tap into a world-class supply chain. Within the GE family, Converteam now has the opportunity for further development and growth, benefitting our customers and employees alike."
Converteam has 1,400 members of staff in the UK with the deal set to complete in the middle of the year.
