DOJ Backs $3.2B GE, Converteam Deal With Divestiture

Law360, New York (August 29, 2011, 6:50 PM EDT) -- Antitrust regulators on Monday signed off on General Electric Co.'s $3.2 billion bid to acquire French power conversion systems maker Converteam, on the condition that GE must sell off Converteam's low-speed synchronous electric motor business.

As initially proposed, the transaction would have curbed competition in the development and manufacture of low-speed synchronous electric motors, or LSSMs,which are used to drive compressors used in the North American oil and gas industry, the U.S. Department of Justice said Monday. Without the agreed-upon divestiture, the deal would have effectively...
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