The process began in September 2015 when the European Commission and the US Department of Justice approved GE’s acquisition of Alstom’s power and grid units with the condition that GE divest parts of Alstom’s business.
The deal has now met all of the regulatory requirements to close, GE said in a statement.
Ansaldo’s final purchase price is €120m ($130m), which nets the company Alstom’s GT26 F-class gas turbine product line for new unit sales; Alstom’s GT36 technology development programme, which will produce an H-class turbine when completed; and service contracts for 34 GT26 turbines.
Ansaldo also receives Alstom’s Power Systems Manufacturing business, which provides after-market parts and services for equipment manufactured by other OEMs.
Ansaldo said in November that the deal will allow it to increase its turnover twofold in the coming five years, become a global leader in the gas turbine sector and expand its markets in Europe, the Middle East and the US.
Guiseppe Zampini (pictured), Ansaldo’s CEO, said the deal “lays the foundations for Ansaldo Energia to enhance a sustainable growth in power generation industry by extending technological capability and product portfolio in the advanced heavy duty gas turbine business both in equipment and service basis.”
Italian state-owned holding company Fondo Strategico Italiano holds a 44.8 per cent stake in Ansaldo, with 40 per cent held by China’s Shanghai Electric.