GE buys power electronics firm Converteam for $3.2bn

GE bought the controlling stake from a group including Barclays Private Equity and LBO France, with the transaction expected to close during the third quarter of 2011.

Converteam’s senior management will retain a 10% stake in the company, with the two parties agreeing that GE will purchase the remaining shares in the company over the next two to five years.

GE says it expects the price will be no greater than about $480m .

Converteam