EDF To Buy Part Of GE's Nuclear Power Activities

(RTTNews) - General Electric Company or GE (GE), and French electric utility company EDF, announced on Thursday that they have signed an exclusive deal for EDF, to acquire part of GE Steam Power's nuclear power activities.

Financial terms of the proposed transaction, which is expected to be completed in the first half of 2023, have not been disclosed.

The proposed transaction includes GE Steam Power's conventional island equipment for new nuclear power plants-including the powerful steam turbine in operation, the Arabelle turbine, as well as maintenance and upgrades for existing nuclear power plants.

GE Chairman and CEO Lawrence Culp, commented: "This plan supports GE's efforts to focus our portfolio to be a best-in-class services partner to our Steam Power customers through the energy transition."

The nuclear activities and teams in scope of the proposed transaction are based in about fifteen countries, with nearly 70 percent of the workforce in France.