General Electric (GE) plans to buy LM Wind Power from private equity firm Doughty Hanson for $1.65billion.
The move is being made as the firm looks to capture a bigger share of the fast-growing renewable energy market.
GE separated its renewable energy business from its power unit last year.
It followed the $13.6billion acquisition of Alstom’s power business.
LM Wind Power is the largest supplier of rotor blades to GE and the deal will help the US industrial conglomerate in-source turbine blade design and manufacturing.
GE plans to operate LM as a standalone unit within its renewable energy operations.
Last year LM Wind Power had revenue of $840million.
Recommended for you
