Prolec GE Completes Acquisition of SPX’s Transformer Solutions Business
GE-Prolec Transformers, Inc. (together with its affiliates, “Prolec GE”), a subsidiary of a 50/50 joint venture between GE (NYSE:GE) and Xignux, a Mexico-based private company, recently announced it has completed the acquisition of SPX Corporation’s (NYSE: SPXC) SPX Transformer Solutions business. The contract purchase price was $645 million, subject to a net working capital adjustment and other typical adjustments.
