GE Agrees To Sell Part Of Steam Power's Nuclear Activities To EDF

• General Electric Co (NYSE:GE) agreed to divest part of GE Steam Power’s nuclear power activities to EDF Group, an integrated electricity company listed on the Paris Stock Exchange. Financial terms were not disclosed.
• The transaction includes GE Steam Power’s conventional island equipment for new nuclear power plants and maintenance and upgrades for existing nuclear power plants.
• GE retains services-focused Steam Power business, including nuclear services in the Americas and GE Hitachi Nuclear Energy.
• The nuclear activities and teams in the scope of the proposed transaction are based in about fifteen countries, with nearly 70 percent of the workforce in France, including at GE Steam Power manufacturing sites like Belfort and La Courneuve.
• The transaction is expected to close in the first half of 2023.
• Price Action: GE shares closed lower by 0.06% at $99.25 on Wednesday.