ATLANTA (

TheStreet

) --

General Electric

(GE) - Get Report

agreed to acquire 90% of

Converteam

, a provider of electrification and automation equipment and systems, for about $3.2 billion.

GE is buying the business from a controlling shareholder group that includes management, Barclays Private Equity and LBO France.

The deal is expected to close in the third quarter, GE said in a statement Tuesday.

Converteam's senior management will retain a stake of about 10% in the company. GE reached an agreement to buy the rest of Converteam over the next two to five years at a price GE expects should be no greater than about $480 million.

-- Written by Joseph Woelfel

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Joseph Woelfel

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