(Corrects paragraph three to ... a unit of GE Power & Water...,
not .... GE Power & Water...)
Oct 23 Temporary power provider APR Energy Plc
said it would buy General Electric Co's power
rental business for $314 million in cash and stock, making GE a
strategic investor in the company.
GE will receive $64 million in cash and 15.5 million APR
Energy shares valued at about $250 million.
The company said the acquisition of a unit of GE Power &
Water in Houston, which is involved in manufacturing and
servicing mobile gas turbine equipment, was expected to add to
earnings, but did not provide a time frame.
"The transaction diversifies our revenue base, gives us
exposure to new geographies and sectors, and enhances our
natural gas footprint," APR Energy Chief Executive John Campion
said in statement.
The company also said on Wednesday adjusted revenue during
the third quarter was $84 million.
A provider of turnkey power plants for disaster relief,
electricity shortfalls and major events, APR Energy's clients
are mostly located in developing markets such as Argentina,
Burkina Faso and Yemen where demand for readily available energy
has been increasing.
Shares in APR Energy, whose turbines and diesel generators
lit up Japan following the 2011 earthquake, jumped 17 percent to
1106.75 pence in early trade, making them the top percentage
gainers on the London Stock Exchange.
(Reporting by Karen Rebelo in Bangalore; Editing by Akshay