Acquirer: Wolong Electric Group Co., Ltd. (China)
Acquired: General Electric Company’s Small Industrial Motor Division (US)
Value: US$160 million
Industry Tags: Industrial Machinery
On June 25, 2018, Wolong Electric Group Co., Ltd. (“Wolong”), a Chinese listed company (Shanghai: 600580), received approval from the Committee on Foreign Investment in the United States (CFIUS) for its acquisition of the Small Industrial Motor (“GE SIM”) division of General Electric Company (“GE”), a Massachusetts-based company. (See Announcement on Progress in Purchasing Relevant Assets of Small Industrial Motor Business of General Electric Company, Wolong Electric Group Co., Ltd., June 26, 2018, Shanghai Stock Exchange, machine translation of Chinese Language.) Wolong acquired GE SIM for $160 million in an all cash transaction, effective as of June 30, 2018. (See GE Industrial Motors Press Release, Wolong Electric Completes the acquisition of GE’s Small Industrial Motors, July 1, 2018.)
Please contact Peter Alfano with any questions.