Jeffrey Immelt just can’t stop buying. Today, he announced GE would pay $3.2bn for 90 per cent of Converteam, the French business that used to be Alstom Power Generation.
Converteam make equipment to convert renewable power into “grid-quality” electricity, and according to GE, its sales rose 36 per cent last year.
This now takes GE’s spending on energy acquisitions since October to over $11bn after the purchases of Dresser, Wellstream, Lineage Power and the well support unit of John Wood Group.
GE’s shareholders don’t seem too perturbed by the deal: its shares barely moved in pre-market trade – although that might change when the opening bell rings.
