EDF Inks Agreement to Acquire Part of GE Steam Power’s Nuclear Activities
Posted on 02/10/2022
Electricite de France SA (EDF) signed an exclusive agreement with General Electric Co. to acquire part of GE Steam Power’s nuclear activities. The proposed deal includes conventional island equipment for new nuclear-power plants as well as steam turbine technology for future plants. The activities and teams in scope are based in about 15 countries, with nearly 70% of workforce located in France. GE Steam Power’s nuclear steam turbines are installed in half of the world’s nuclear power plants, including in all of EDF’s nuclear plants in France. The proposed transaction includes GE Steam Power’s conventional island equipment for new nuclear power plants—including the world’s most powerful steam turbine in operation, the Arabelle turbine, as well as maintenance and upgrades for existing nuclear power plants. The transaction would also include steam turbine technology for future nuclear plants, like the next generation of European pressurized reactors (EPR2) and small modular reactors (SMR).
The price for the business is estimated at US$ 1 billion.
GE would retain a services-focused Steam Power business and continue to provide best-in-class services for more than 100GW of nuclear turbine islands in the Americas region, and it also retains GE Hitachi Nuclear Energy, a leading lifecycle provider for reactor island which will deploy Canada’s first commercial, grid-scale SMR. GE remains committed to the nuclear sector and continues to invest in next-generation technology, which plays an important role in today’s energy transition.
The transaction, which is subject to customary closing conditions as well as consultation with employee representatives, is expected to close in the first half of 2023, EDF said.