GE has completed its $1.65 billion acquisition of LM Wind Power, a Denmark-based technology developer and manufacturer of rotor blades for the wind energy industry.
The completion of the transaction follows regulatory approval in the European Union, the US, China and Brazil. GE reached an agreement with London-based private equity firm Doughty Hanson in October 2016 to purchase the company.
The deal will be accretive to GE earnings in 2018. LM Wind Power notes that all of the shares in LM Wind Power Holding A/S have been transferred to GE Global Holdings Denmark.
According to GE, the transaction in-sources wind turbine blade design and manufacturing for its renewable energy business.
“The completion of the LM Wind Power acquisition provides us with the operational efficiencies necessary to support the growth of our wind turbine business, which is the fastest-growing segment of power generation,” explains Jérôme Pécresse, president and CEO of GE Renewable Energy. “With LM’s technology and blade engineering, we are now able to improve the overall performance of our wind turbines – lowering the cost of electricity and increasing the value for our customers. Together, we are set to capitalize on the expansion of renewable energy and be a growth engine for GE.”
Read more Power Engineering
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
