The Associated Press September 2, 2011, 3:57PM ET

GE completes $3.2 billion buyout of Converteam

General Electric Co. on Friday said it completed its $3.2 billion acquisition of 90 percent of French oil and gas equipment maker Converteam.

The deal closed five days after the U.S. Department of Justice said Monday that it would allow the deal to go through, but GE will have to sell Converteam's electric machinery holding company business. The Justice Department had filed a civil antitrust lawsuit to block the deal, and it also proposed a settlement.

Converteam high-efficiency systems that reduce energy consumption and greenhouse gas emissions. The acquisition is part of GE's move to build up its business in power conversion technology.

The purchase is the latest of $11 billion in acquisitions GE has made in the last nine months. In that time, GE also bought Dresser Inc., Wellstream Holdings PLC, Lineage Power and Well Support.

GE has said it plans to buy the remaining 10 percent of Converteam from the company's management over the next two to five years. The exact price will depend on the timing of the sale and Converteam's performance, but GE said it does not expect the total to exceed $480 million.

GE shares fell 53 cents, or 3.3 percent, to $15.67 as the broader market slumped.


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