General Electric’s (GE) energy unit is paying $3.2 billion in cash for a 90% stake in power-conversion company, Converteam, The Wall Street Journal reports. Sellers of the France-based company are a group that includes Barclays Private Equity and LBO France.

Converteam’s senior management will retain a 10% stake in the company, though GE will have the right to buy the remaining 10% over the next two to five years for no more than $480 million. GE is expecting to realize about $250 million in annual operating synergies by the fifth year of the deal, which is expected to close in the third quarter.

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