Allen & Overy Reps GE Energy In $3.2B Converteam Buy

Law360, New York (March 29, 2011, 2:14 PM EDT) -- General Electric Co. announced Tuesday it would pay $3.2 billion to acquire a 90 percent stake in French power conversion systems maker Converteam, part of the industrial giant's continued expansion of its energy business.

Senior management at Converteam, who will retain a stake of about 10 percent in the company, also agreed to sell their remaining shares in the company to GE’s energy segment over the next two to five years for a price not expected to exceed $480 million, the companies said.

GE Vice Chairman...
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