GE to acquire Converteam for $3.2 billion

GE said it will buy about 90 percent of electrification and automation equipment maker Converteam for $3.2 billion from a group of shareholders including Barclays Private Equity and LBO France.

The deal will help GE expand its presence in power electronics, industrial automation and process controls, the largest U.S. conglomerate said in a statement.

Converteam's senior management will retain a 10 percent stake in the company.

(Reporting by A. Ananthalakshmi; Editing by Saumyadeb Chakrabarty)