GE-Alstom's $14-billion Deal Gets Okay from European Union, US

New Delhi: French power equipment maker Alstom on Wednesday said European Commission and the US Department of Justice (USDoJ) have approved the transaction with General Electric (GE) to acquire its energy businesses.

"Alstom is pleased with the decisions of the European Commission and US Department of Justice authorising General Electric to acquire Alstom's energy businesses with commitments," the company said in a BSE filing.

US-based General Electric in April last year had offered to buy France's Alstom energy business for $13.9 billion.

The French firm said this transaction will enable it to pursue an ambitious growth strategy.

"In addition to fulfilling the authority's wish to maintain the level of competition in the market, General Electric's commitments protect the interests of Alstom employees, shareholders and customers," said Alstom Chairman and CEO Patrik Kron.

The deal will bring together two of the world's biggest manufacturers of power plant hardware.

Updating on the transaction, the company said around 20 authorisations have been granted in total, enabling the project to enter its final phase.

"The closing of the transaction is targeted as early as possible in the fourth quarter of 2015 and will be followed by General Meeting which will submit a public share buy-back offer to shareholders," it added.