Alstom said it will now be able to focus on an “ambitious growth strategy” for its transport business after competition authorities finally approved the sale of Alstom Energy to General Electric (GE).
With endorsement from the European Commission (EC) and the US Department of Justice (DOJ, the final phase of the acquisition can now get underway.
Patrick Kron, chairman and chief executive officer of Alstom, said: “In addition to fulfilling the authorities’ wish to maintain the level of competition in the market, General Electric’s commitments protect the interests of Alstom employees, shareholders and customers.”
One condition of the sale imposed by the EC requires Alstom to sell its heavy duty gas turbines business to Italy’s Ansaldo in order to maintain competition within the European sector.
Commissioner Margrethe Vestager, who is in charge of competition policy, said: “I am glad that we can approve this transaction, which shows that Europe is open for business and that Europe-based technology can thrive and attract foreign investment.
Alstom hopes to finalise the transaction later this year.