GE completes $10.6 billion acquisition of the power division of French manufacturer Alstom

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SCHENECTADY, New York — General Electric Co. said Monday it has completed a $10.6 billion acquisition of the power and transmission division of French manufacturer Alstom.

Fairfield, Connecticut-based GE said the closing on the sale comes after regulatory approvals from more than 20 countries and regions. The European Union approved the takeover in September after an eight-month investigation into whether it would distort the European market.

GE Power and Water division officials said they will take advantage of complementary strengths in technology and global capability, and also will be able to make purchases more efficiently.

Steve Bolze, who heads Power and Water, told reporters at division headquarters in Schenectady that GE will be poised to take advantage of the world's growing energy needs.

"We've added now 35,000 employees to our business," Bolze said. "It's 65,000, and we're ready to step forward."

He did not address future employment levels.

GE and Alstom agreed to the deal in 2014.

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