WEG S.A. announced that it has signed an agreement with GE Energy to acquire the Electric Machinery unit of Converteam. The acquisition is expected to close before the end of the year and is subject to customary closing conditions and approval by the US Department of Justice. Financial terms were not disclosed.
WEG’s acquisition of Electric Machinery follows the acquisition of Converteam by GE on Sep 2nd, 2011. As part of the merger review process prior to the acquisition, GE agreed with the US Department of Justice to divest the Electric Machinery unit of Converteam after closure.
