Prolec-GE buys control of Indo Tech Transformers

Mexico-based Prolec and GE Energy will buy the Indian manufacturer of transformers at an equity value of $99 million.

Prolec-GE Internacional, a joint venture between General Electric Energy and Xignux, will acquire a 54.35% controlling equity stake in Indo Tech Transformers, a Chennai-headquartered manufacturer of transformers. The deal triggers a tender offer for a further 20% of the remaining equity held by minority shareholders, in accordance with Indian regulations. The open offer will be priced at Rs406 $8.35 per share.

The Unit Trust of India and other local mutual funds own 5.24% of Indo Tech, as per the firm's...

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