US-based General Electric has finally acquired the power and grid operations unit from French Alstom, following regulatory approvals in more than 20 countries and regions.

The €12.35bn deal was agreed by the two companies in 2014, and marks the largest ever industrial acquisition by GE.

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However, the final purchase price came down to €9.7bn, following changes made to the deal to secure the approval and adjustments for proceeds that Alstom is reinvesting in joint ventures.

"The completion of the Alstom power and grid acquisition is another significant step in GE’s transformation."

GE chairman and CEO Jeff Immelt said: "The completion of the Alstom power and grid acquisition is another significant step in GE’s transformation.

"The complementary technology, global capability, installed base, and talent of Alstom will further our core industrial growth.

"We are open for business and ready to deliver one of the most comprehensive technology offerings in the energy sector for our customers."

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The firm has announced that, following the completion of the acquisition, GE Power & Water will combine with Alstom Power to form GE Power.

Integration of Alstom power unit’s technology and geography and GE’s power generation technologies, services and specialisation is expected to boost the global energy utility sector.

GE Power will now be able to deliver a diverse portfolio of technologies and services.