JENBACHER AND WAUKESHA BRANDS
Advent to acquire General Electric distributed power division
Frankfurt — US buyout group Advent has agreed to buy General Electric’s (GE) distributed power operations for $3.25bn, the companies said on Monday. GE had put the unit, which includes the reciprocating gas engine brands GE Jenbacher and Waukesha, up for sale to bolster its finances. The US conglomerate had announced plans to divest about $20bn in assets as part of a three-year restructuring plan, hoping to book as much as $10bn in proceeds from selling industrial assets in 2018. The deal values the company at about 11.2 times its 2018 earnings before interest, tax, depreciation and amortisation of just below €290m, said a person close to the matter. In 2017, it posted revenues of $1.3bn. "Distributed power is a terrific asset," said Ranjan Sen, managing partner at Advent. "The business has significant growth potential on a global scale and talented employees all over the world." Advent plans to "invest substantially" in critical areas such as the product portfolio, service network ...
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