The maker of France's high-speed TGV trains, Alstom, announced Thursday that it signed an agreement with General Electric to exit three joint energy ventures for a total amount of €2.594 billion ($3.08 billion).
Wednesday’s deal relates to the implementation of 2015 agreements on the intended exit of Alstom from the renewables, grid and nuclear joint ventures, a press release said.
The joint ventures were set up in November 2015 as part of the sale of the Alstom Energy business to General Electric, the statement said, adding Alstom intended to exercise its options to sell its interests in the "Renewables” and "Grid” Joint Ventures in 2018.
"If these options are exercised during the exercise period (between Sept. 4 and Sept. 10), GE will then be deemed to have exercised its option to acquire Alstom’s interest in the "Nuclear" Joint Venture (pursuant to General Electric’s call option), and the transfer of all interests will occur on Oct. 2, 2018 for a total amount of €2.594 billion," it said.
Last September, Alstom and Siemens inked a deal to merge their rail operations and create a company headquartered in France to rival China’s state-owned CRRC, the world’s largest supplier of rail transit equipment.
(Anadolu Agency)
