APR Energy Plc announced its acquisition of the power rental business of General Electric Co. The acquisition of Houston-based GE Power & Water would be financed via cash and stock, prompting GE to own a stake in the temporary power provider.

APR had been providing power plants temporarily to countries that encounter electricity source shortages due to natural circumstances like weather and any major events.

The acquisition would have GE receiving 15.5 million of APR Energy shares amounting to USD250 million. GE would also receive USD64 million in cash from APR for its divestiture.

APR Energy Chief Executive John Campion explained that acquisition of GE Power & Water would be earning the company significant earnings. However, the company nor Campion did not specify a time frame when such earnings would be acquired.

"The transaction diversifies our revenue base, gives us exposure to new geographies and sectors, and enhances our natural gas footprint," Campion said in a statement.