French President Emmanuel Macron announced on Friday the successful completion of EDF’s acquisition of General Electric’s (GE) nuclear activities, effective immediately.
“Today, May 31st, EDF officially takes over GE’s nuclear operations, notably including the maintenance and manufacturing of Arabelle turbines,” Macron stated in an interview with EBRA’s regional newspapers. This move, initially announced in 2022, marks a significant step for the French energy sector.
Macron emphasized the importance of this acquisition, stating, “The agreements we’ve reached ensure the longevity of this activity, which is a true source of French pride.”
Back in February 2022, EDF and GE entered into an exclusive agreement to discuss the acquisition of GE Steam Power, GE’s nuclear division. At the time, President Macron unveiled an ambitious plan to revitalize France’s nuclear program.
While the deal faced delays due to geopolitical concerns, particularly regarding Rosatom’s presence among the nuclear activity’s clients and subsequent opposition from the United States, Macron confirmed that these issues have been resolved.
“I won’t disclose confidential business details,” Macron stated, “but we’ve secured the necessary American licenses for the transaction.”
Arabelle turbines, manufactured by GE, are crucial components of nuclear power plants. Macron highlighted the strategic value of this acquisition, stating, “This transaction allows us to regain control of turbine production, ensuring profitability through both domestic and international sales.”
This acquisition echoes a previous deal in 2015 when GE acquired Alstom’s energy division, a move that sparked political and economic debate. Emmanuel Macron, serving as Minister of Economy at the time, oversaw the finalization of that transaction.