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General Electric Company

Industrial Conglomerate / Aerospace & DefenseFounded 1892
Reviewed by Swet Parvadiya
Company data updated: October 2026

Acquisitions

General Electric Acquisitions

4

Major Deals Covered

$22.5B

Disclosed Deal Value

What are General Electric's biggest acquisitions?

General Electric's largest disclosed acquisition here is Alstom Power (Power and Grid Business) for $10.6B in 2015. This page covers 4 major deals from 2002 to 2017, each with its price where disclosed and the reason behind it.

Major deals covered
4
Largest deal
Alstom Power (Power and Grid Business) ($10.6B)
First deal
2002
Most recent
2017
CompanyYearPricePurpose
Alstom Power (Power and Grid Business)2015$10.6BGE acquired the power and grid assets of French industrial conglomerate Alstom in November 2015 for $10.6 billion, aiming to become the world's dominant gas turbine manufacturer by adding Alstom's European installed base to GE's existing power generation portfolio. The acquisition was intended to capture growing demand for natural gas power plants replacing coal globally. GE believed Alstom's complementary geographic presence and technological capabilities would create significant cross-selling opportunities.
Avio Aero2013$4.3BGE acquired Italian aerospace component manufacturer Avio Aero in August 2013 for approximately $4.3 billion, strengthening its position in European aerospace manufacturing and acquiring critical capabilities in advanced manufacturing technologies including additive manufacturing, precision casting, and gear systems. Avio Aero's facilities in Turin and other Italian locations gave GE Aerospace significant European manufacturing presence. The acquisition also provided access to Avio's involvement in commercial and military engine programs as a key supplier.
Baker Hughes (Majority Stake)2017$7.4BGE acquired a majority stake in oilfield services company Baker Hughes in July 2017, merging GE's oil and gas equipment business with Baker Hughes to create Baker Hughes, a GE Company (BHGE). The combination was intended to create a full-stream energy services company spanning upstream drilling through downstream processing, capturing cross-selling opportunities across GE's industrial equipment portfolio and Baker Hughes's well services capabilities. GE believed the merger would create a more resilient business less sensitive to oil price cycles.
Unison Industries2002$170.0MGE Aviation acquired Unison Industries, a Florida-based manufacturer of aircraft engine ignition systems and other accessory components, for approximately $170 million in 2002. The acquisition was intended to strengthen GE's vertical integration in aircraft engine components, particularly in ignition systems where Unison held leading market positions. The deal was part of a broader strategy to capture more of the value chain in aircraft engine production.
What companies has General Electric bought?
Major acquisitions by General Electric documented here include Alstom Power (Power and Grid Business) (2015), Baker Hughes (Majority Stake) (2017), Avio Aero (2013) and Unison Industries (2002).
What is General Electric's most recent acquisition?
The most recent General Electric acquisition documented here is Baker Hughes (Majority Stake), in 2017, for $7.4B.

Baker Hughes (Majority Stake)

2017

$7.4B

Why

GE acquired a majority stake in oilfield services company Baker Hughes in July 2017, merging GE's oil and gas equipment business with Baker Hughes to create Baker Hughes, a GE Company (BHGE). The combination was intended to create a full-stream energy services company spanning upstream drilling through downstream processing, capturing cross-selling opportunities across GE's industrial equipment portfolio and Baker Hughes's well services capabilities. GE believed the merger would create a more resilient business less sensitive to oil price cycles.

Impact

The Baker Hughes combination was complicated by the subsequent collapse in oil prices and the strategic mismatch between GE's industrial equipment orientation and Baker Hughes's services model. GE began reducing its Baker Hughes stake in 2019 under Culp's direction, selling shares progressively as part of the broader capital-raising strategy to address GE's balance sheet challenges. The investment generated significant capital but at declining valuations.

Outcome

GE completed the sale of its remaining Baker Hughes stake in September 2020, fully exiting the oil and gas services business. Baker Hughes continues to operate as an independent company. GE received total proceeds of approximately $7 billion from the divestiture of its Baker Hughes position, contributing to the balance sheet repair that Culp prioritized in his first years as CEO.

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Alstom Power (Power and Grid Business)

2015

$10.6B

Why

GE acquired the power and grid assets of French industrial conglomerate Alstom in November 2015 for $10.6 billion, aiming to become the world's dominant gas turbine manufacturer by adding Alstom's European installed base to GE's existing power generation portfolio. The acquisition was intended to capture growing demand for natural gas power plants replacing coal globally. GE believed Alstom's complementary geographic presence and technological capabilities would create significant cross-selling opportunities.

Impact

The acquisition proved catastrophically ill-timed. Global power market dynamics shifted sharply after the deal closed, as renewable energy costs declined faster than expected and gas turbine order volumes collapsed. GE inherited significant long-term service contracts that were poorly structured and generated recurring losses. The Alstom transaction required approximately $22 billion in goodwill write-downs between 2018 and 2019 - among the largest impairments in corporate history.

Outcome

The Alstom assets were eventually merged with GE's other power generation and renewable energy businesses to form GE Vernova which was spun off as an independent public company in April 2024. The acquisition is widely regarded as the single most damaging strategic decision made under CEO Jeff Immelt, and the subsequent write-downs were a principal cause of GE's credit rating downgrades and stock collapse.

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Avio Aero

2013

$4.3B

Why

GE acquired Italian aerospace component manufacturer Avio Aero in August 2013 for approximately $4.3 billion, strengthening its position in European aerospace manufacturing and acquiring critical capabilities in advanced manufacturing technologies including additive manufacturing, precision casting, and gear systems. Avio Aero's facilities in Turin and other Italian locations gave GE Aerospace significant European manufacturing presence. The acquisition also provided access to Avio's involvement in commercial and military engine programs as a key supplier.

Impact

The Avio Aero acquisition has proven valuable, providing GE Aerospace with advanced manufacturing capabilities that have been applied to next-generation engine programs including the LEAP and GE9X. Avio Aero became an important center for additive manufacturing expertise within GE Aerospace and has contributed meaningfully to the company's ability to produce complex engine components with superior material properties.

Outcome

Avio Aero remains a wholly owned subsidiary of GE Aerospace and continues to operate its Italian manufacturing facilities, employing approximately 4,000 people. The business has been integrated into GE Aerospace's global supply chain and serves as a critical manufacturing node for turbine components across multiple engine programs.

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Unison Industries

2002

$170M

Why

GE Aviation acquired Unison Industries, a Florida-based manufacturer of aircraft engine ignition systems and other accessory components, for approximately $170 million in 2002. The acquisition was intended to strengthen GE's vertical integration in aircraft engine components, particularly in ignition systems where Unison held leading market positions. The deal was part of a broader strategy to capture more of the value chain in aircraft engine production.

Impact

Unison Industries has been operated as part of GE Aerospace's component manufacturing network since the acquisition, providing ignition systems across GE's commercial and military engine families. The business's products are qualified for use on multiple non-GE engine types as well, providing revenue diversification.

Outcome

Unison Industries remains a subsidiary of GE Aerospace and continues to produce engine accessories from its Jacksonville, Florida headquarters. The acquisition is considered a successful example of GE's targeted component integration strategy in the aerospace business.

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General Electric Company's Growth & Acquisition Strategy

GE Aerospace's near-term plan is to deliver more engines and service more of them: raise LEAP output, expand repair capacity and keep growing spare parts and shop-visit revenue. Longer term it is funding the CFM RISE open-fan demonstrator with Safran, which targets more than 20% better fuel efficiency than today's engines, plus hybrid-electric and adaptive-cycle defense propulsion work. Defense growth rests on engines such as the F110, F414 and T700 and on next-generation combat engine programs.

How General Electric Company Makes Money

GE Aerospace makes money in two ways. It sells new engines to Boeing, Airbus, COMAC, helicopter makers and defense customers, often at low or negative margins early in a program. It then earns most of its profit over the following decades from aftermarket work: spare parts, shop visits and long-term service agreements on an installed base its 2025 10-K puts at roughly 50,000 commercial and 30,000 military engines. Revenue is reported in two segments, Commercial Engines & Services (CES), the larger and more profitable unit, and Defense & Propulsion Technologies (DPT). In Q2 2026, CES revenue grew 27% with spare parts revenue up more than 25%, showing how heavily results lean on services.

General Electric Acquisitions FAQ

What was the landmark acquisition of Italian aerospace leader Avio Aero in 2013?

In 2013, GE acquired the aviation business of Italy's Avio S.p.A. (Avio Aero) for $4.3 billion. Avio Aero gave GE high-quality mechanical transmission gearbox technology, additive manufacturing expertise, and European aerospace defense relationships.

Why did GE acquire additive manufacturing pioneers Arcam AB and Concept Laser in 2016?

In 2016, GE acquired majority stakes in Sweden's Arcam AB (electron beam 3D printing) and Germany's Concept Laser (direct metal laser melting) for $1.4 billion, establishing GE Additive and securing proprietary industrial 3D metal printing technology for jet engines.

How did the 2007 acquisition of Smiths Aerospace expand avionics and digital systems?

In 2007, GE acquired UK-based Smiths Aerospace for $4.8 billion in cash, forming GE Aviation Systems and expanding into flight management computers, electronic power distribution, and actuation systems for Boeing and Airbus aircraft.

What was the multi-billion-dollar acquisition and subsequent wind-down of Alstom's energy business?

In 2015, under Jeff Immelt, GE acquired French industrial conglomerate Alstom's power and grid business for $10.6 billion. The transaction proved financially burdensome due to global coal/gas turbine market slowdowns, prompting Larry Culp to restructure the assets into GE Vernova.

How did GE divest its legacy appliance and media businesses to streamline operations?

GE executed major non-core divestitures over two decades: selling NBC Universal to Comcast (2011 to 2013 for over $30B), selling GE Appliances to Haier ($5.4B in 2016), divesting GE Transportation to Wabtec ($11B in 2019), and selling BioPharma to Danaher ($21.4B in 2020).

How did GE de-risk and liquidate the large financial assets of GE Capital?

Between 2015 and 2021, GE systematically dismantled and sold off over $300 billion in non-core finance assets (real estate, commercial lending, aircraft leasing via the GECAS merger with AerCap for $30B), eliminating systemic banking risk.

What was the successful spin-off of GE HealthCare in January 2023?

On January 4, 2023, GE completed the tax-free spin-off of GE HealthCare Technologies Inc. (NASDAQ: GEHC), distributing 80.1% of shares to GE shareholders and creating an independent $35B+ medical imaging and precision diagnostics leader.

What is GE Aerospace's future M&A and venture capital strategy?

GE Aerospace focuses strategic capital allocation and corporate venture investments (GE Aerospace Ventures) on advanced aerospace propulsion startups, sustainable aviation fuels, hybrid-electric avionics, and autonomous flight technology.

What was General Electric's worst acquisition?

In 2015, under CEO Jeff Immelt, GE executed a massive $10.6 billion acquisition of Alstom, a French power grid company. It was an absolute financial disaster. GE bought massive factories to build coal and gas turbines right as the global market aggressively pivoted to solar and wind, destroying billions in shareholder value.

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Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.