Alstom, French manufacturing group has signed an agreement with General Electric, to exit three joint ventures in return for a payment of 2.594 billion euros.
The three joint ventures (in grid, nuclear and renewable assets) were created as part of Alstom’s 12.35 billion euro sale of its energy business, to General Electric in 2015.
The company in a statement said, “Alstom intends to exercise its options to sell its interests in the ‘Renewables’ and ‘Grid’ Joint Ventures in 2018.”
Furthermore, the exercise of these options between September 4 and 10 will mean that GE had exercised its option, to acquire Alstom’s interest in the “nuclear” joint venture and on October 2 the three joint ventures will be transferred to GE’s full ownership.
