General Electric Co's (GE.N) power rental business will be bought by temporary power provider APR Energy Plc (APREN.L) for $314 million in cash and stock. The deal will make GE a strategic investor in APR Energy. GE will receive $64 million in cash and 15.5 million APR Energy shares valued at about $250 million.
APR Energy 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.