One of the most hotly-debated deals on both sides of the
Atlantic closed earlier this month as the European Commission
(EC) reaffirmed its position as the
toughest merger control regulator in the world.
Back in April 2014, General Electric’s (GE)
deal with Alstom was, in its simplest form, a proposed takeover
of French company. A year and a half later and it is now an
asset swap of GE’s rail signalling business for
Alstom’s energy subsidiaries, for €700
million ($751 million) and €12.4 billion,
The two companies then resolved to establish joint ventures
in the renewable energy, grid transmission and nuclear sectors
to smooth the transition process, explained Andrew Briggs, a
Hogan Lovells who advised Alstom.
"It’s a pretty exceptional transaction overall,
in terms of size, character, the intense antitrust process and
the sheer length of it all as well," said Suyong Kim,...