APR Energy to buy GE's power rental business for US$314 mil. in cash, stock
ReutersReuters--Temporary power provider APR Energy PLC said it would buy General Electric Co.'s power rental business for US$314 million in cash and stock, making GE a strategic investor in the company.
October 24, 2013, 12:07 am TWN
GE will receive US$64 million in cash and 15.5 million APR Energy shares valued at about US$250 million.
The company said the acquisition of GE Power & Water in Houston, which is involved in manufacturing and servicing mobile gas turbine equipment, was expected to add to earnings, but did not provide a time frame.
The company also said on Wednesday adjusted revenue during the third quarter was US$84 million.
Shares in APR Energy, whose turbines and diesel generators lit up Japan following the 2011 earthquake, jumped 17 percent to 1,106.75 pence in early trade, making them the top percentage gainers on the London Stock Exchange.