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GE cuts TPI Composites stake by two-thirds, discloses large stake in Tellurian

Aug. 16, 2017 3:26 PM ETGeneral Electric Company (GE) StockGE, TELL, CSLT, TPICBy: Carl Surran, SA News Editor14 Comments
  • General Electric (GE -0.1%), in some of its last investment activity under former CEO Jeff Immelt, disclosed positions in liquefied natural gas producer Tellurian (TELL +1.3%) and health plan software firm Castlight Health (CSLT -3.7%) while slashing its stake in wind blade manufacturer TPI Composites (TPIC -1.8%) by two thirds.
  • GE says it held just under 900K TPIC shares valued at $16.6M on June 30, a 2.7% stake, down from a stake of 7%, or 2.4M shares, as of the end of Q1 valued at $46M.
  • Two factors are in play behind GE’s reduced TPI stake, according to Barron's Ed Lin: GE’s stock lock-up agreement expired Jan. 17 and GE acquired TPI’s largest competitor, LM Wind Power, in April for $1.65B.
  • GE has been an investor in TELL since November when its GE Oil & Gas subsidiary bought 5.5M series A convertible preferred shares of predecessor company Tellurian Investments for $25M; that holding now is valued at $47.7M for a 91% return over the nine-month period.

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