GE sells power rental business to APR


APR Energy has agreed to buy GE’s power rental business for $314m in cash and stock, making GE (NYSE:à‚ GE) a strategic investor in the company.

Chief Executive of APR, John Campion, said the acquisition of GE Power & Water in Houston, which is involved in manufacturing and servicing mobile gas turbine equipment, was expected to add to earnings, but did not provide a time frame.

“The transaction diversifies our revenue base, gives us exposure to new geographies and sectors, and enhances our natural gas footprint,” said in statement.

A provider of turnkey power plants for disaster relief, electricity shortfalls and major events, APR Energy’s clients are mostly located in developing markets such as Argentina, Burkina Faso and Yemen where demand for readily available energy has been increasing.

GE will receive $64 million in cash and 15.5 million APR Energy shares valued at about $250 million.

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