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Advent says to acquire GE's distributed power business for $3.25 billion

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Advent says to acquire GE's distributed power business for $3.25 billion

Advent says to acquire GE's distributed power business for $3.25 billion
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FRANKFURT (Reuters) - U.S. buyout group Advent has agreed to buy General Electric's (GE) <GE.N> distributed power operations for 2.45 billion pounds, the companies said on Monday.

GE had put the unit, which includes the reciprocating gas engine brands GE Jenbacher and Waukesha up for sale, to bolster its finances.

The deal values the company at about 9.7 times its 2018 earnings before interest, tax, depreciation and amortization of just below 290 million euros ($339 million), a person close to the matter said.

(This version of the story corrects EBITDA figure to U.S. dollars, not euros, final paragraph)

(Reporting by Arno Schuetze and Hans Seidenstücker; Editing by Edward Taylor)

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