Alstom Transfers Three Joint Venture Interests to GE for €2.59 Billion
October 2, 2018
Cleary Gottlieb represented Alstom in the transfer of all its interests in three energy joint ventures (renewables, grid, and nuclear joint ventures) to General Electric (GE) for a total amount of €2.59 billion.
On May 10, 2018, Alstom signed an agreement with GE relating to the implementation of the agreements from 2015 regarding the intended exit of Alstom from the three energy joint ventures. The renewables, grid, and nuclear joint ventures were set up in November 2015, as part of the sale of the Alstom energy business to GE. Pursuant to this agreement, because Alstom exercised its put options to sell its interests in the renewables and grid joint ventures in September 2018, GE’s option to acquire Alstom’s interest in the nuclear joint venture was deemed exercised.
On October 2, 2018, GE and Alstom completed the transfer of ownership of the three joint ventures, and Alstom has received a total cash payment of €2.59 billion.