FAIRFIELD, Conn. (AP) -- General Electric Co. said Wednesday it has completed the acquisition of privately held Lineage Power Holdings Inc., which provides power to computer data centers and mobile phone network providers.
GE acquired the company from the Los Angeles-based private equity firm The Gores Group. Financial details were not immediately disclosed.
The acquisition positions GE Energy technology in the $20 billion-per-year power conversion sector, where the demand for reliable, high-quality power is driven by the growth in cloud computing and mobile Internet voice, video and data applications, said Luis Manuel RamĂrez, CEO of GE Energy's industrial solutions business, in a statement.
Fairfield, Conn.-based GE also expects its research and development team to work with colleagues at Lineage Power to address joint opportunities in the battery, data center, electric vehicle and renewable energy segments.
Lineage Power, based in Plano, Texas, had revenue of $450 million in 2010. It has nearly 2,300 employees, with manufacturing operations in China, Mexico and India.
GE shares rose 8 cents to $20.33 in midday trading.