Belgium, Brussels: General Electric has won EU approval for its $13.9 billion (€12.4 billion) acquisition of Alstom's power business after agreeing to sell some of the French company's turbine assets to Italian rival Ansaldo Energia.
According to EU officials, the concessions alleviated concerns that the deal would reduce competition in the European market for heavy-duty gas turbines to two major players, the merged company and Germany's Siemens, potentially leading to higher prices and pushing up the cost of electricity, reports Reuters.
GE’s acquisition of Alstom's energy business - its largest deal ever - will bring together two of the world's manufacturers of power plant hardware and is crucial to GE's plans to increase its focus on industrial operations.
The deal has been approved by regulators elsewhere, including in the United States. Both Alstom and GE said they expected to finalise the deal as early as possible in the fourth quarter.