General Electric Co (GE) has completed its $3.2bn takeover of 90 per cent of power conversion engineering specialist Converteam.

GE’s purchase reflects its goal of building up its business in power conversion technology. The deal brings GE’s acquisitions over the last nine months up to $11bn. These also cover Dresser Inc, Wellstream Holdings PLC, Lineage Power and the Wood Group‘s Well Support.

The US Department of Justice said Monday that it would allow the deal to go through if GE sold Converteam’s electric machinery holding company business.

GE has said it plans to buy the remaining 10 per cent of Converteam from the company’s management over the next two to five year, at a price unlikely to exceed $480m.

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