APR Energy has acquired the power rental business of General Electric Co., Houston-based GE Power & Water, with GE to become the majority shareholder.
The acquisition is financed via cash and stock, meaning GE will own a stake in the temporary power provider. Under the terms of the deal, GE will receive US$64m in cash and 15.5 million shares of APR Energy, worth US$250m, making GE the biggest shareholder.
APR’s shares jumped 18.4% following the announcement of the deal, while rival Aggreko saw its shares dip by 1.6% following the news.
Talks began in March this year to combine the two power rental players.
