General Electric said it would buy LM Wind Power, a maker of rotor blades used in wind turbines, from private equity firm Doughty Hanson for $1.65 billion, as it looks to boost output in its renewable energy business.
Denmark-based LM Wind Power is the largest supplier of rotor blades to GE, and the deal will help the U.S. industrial conglomerate in-source turbine blade design and manufacturing, the company said on Tuesday.
GE (GE) said it intends to operate LM Wind Power as a standalone unit within its renewable energy operations.
LM Wind Power operates 13 factories in eight countries including Denmark, Spain, Poland, Canada, the United States, India, China, and Brazil.
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GE said it expected the deal, which would close in the first half of 2017, to add to earnings in 2018.
GE also said the integration of Alstom Power was on track.
The company closed its $13.6 billion acquisition of Alstom SA’s power business in November last year.