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Alstom clinches €2.59B deal with GE to exit energy joint ventures

General Electric Co. and Alstom SA signed an agreement on May 9 for the French power and transport company's exit from their three energy joint ventures in return for a €2.59 billion payment.

Alstom said it plans to exercise its options to sell its interests in the renewables and grid joint ventures this year.

If that happens between Sept. 4 and Sept. 10, GE will be deemed to have exercised its option to acquire Alstom's interest in the nuclear energy joint venture, the French company said.

The transfer of the assets to GE will take place on Oct. 2, according to Alstom.

The three joint ventures were set up as part of GE's €12.35 billion acquisition of Alstom's power and grid businesses in November 2015.

The deal comes amid an ongoing strategic review at GE, which is considering whether to break itself up.