US-based conglomerate General Electric (GE) and Shanghai-listed transmission and distribution company XD Electric has formed a partnership to deliver electric transmission and distribution as well as grid automation.
Dan Janki, president and CEO of GE Energy Management, said: "This is a significant milestone in GE’s long-term strategy to become a highly competitive, global player in transmission and distribution technologies,". Last year, we bolstered our power conversion technologies with the acquisition of Converteam. Today our partnership with XD Electric is another building block that will strengthen GE’s power management capabilities to serve our customers and energy-intensive industries.
Bob Gilligan, president and chief executive of GE’s Digital Energy business, said: "This is the beginning of an important relationship between two companies with complementary product lines and commitments to technology. It will enhance GE’s ability to provide end-to-end transmission and distribution solutions and expand our presence in the fastest growing regions of the world. Together, GE and XD Electric will become one of the global leaders in comprehensive T&D technology solutions."
Citigroup was financial advisor to GE. Weil, Gotshal & Manges and Fangda Partners were GE’s lead legal advisers.