King & Spalding advised General Electric Company in the sale of its power rental business to power solutions provider APR Energy plc in a cash-and-stock deal valued at $314 million. In addition, GE and APR Energy entered into a supply and services agreement to provide support to current and future clients of APR Energy.

The GE power rental business, with main operations in Houston, is a provider of temporary power generation rental through the use of mobile gas turbines of less than 50 MW. It has power generation capacity, including five associated rental contracts with 20 temporary power generation assets based in Bangladesh, Iraq, the U.S. Virgin Islands, Canada, Australia and Dubai.

The agreed consideration includes $64 million cash and about 16.5  percent of the shares of APR Energy.

Completion of the deal is subject to the share consideration being admitted to the official list and to trading on the London Stock Exchange, which is expected to occur on 28 October.

The King & Spalding team involved in this transaction was led by Atlanta corporate partner Michael J. Egan and consisted of the following lawyers:

Corporate:
Marcus A. Young (senior associate, London)
Nathan L. Mihalik (associate, Atlanta)
Monika Roth (associate, New York)
Gina M. von Sternberg (associate, Atlanta)

Intellectual Property:
W. Scott Petty (partner, Atlanta)

Employee Benefits
Pulina Whitaker (partner, London)

Tax:
John K. Sweet (partner, New York)

Finance:
Virginia M. McGuffey (counsel, Atlanta)

Business Litigation:
L. Joseph Loveland (partner, Atlanta)

International Trade:
Mark Wasden (counsel, Washington)

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