General Electric (GE) will buy Alstom’s stakes in three energy joint ventures for 2.59 billion euros, equivalent to $3.1 billion, adding to GE’s exposure in a struggling market as the French company exercises its right to sell out.
The Boston-based Dow Jones component acquired Alstom’s power business in November 2015 for roughly $10.6 billion, its largest industrial acquisition ever. The joint ventures in renewables, grid and nuclear energy, were created as part of that deal.
Alstom said Thursday it will exercise its options to exit those businesses in 2018. GE likely will take control on Oct. 2.