Last week EdisonReport broke the story that GE acquired Lightech.
After breaking that story, we ran a link to an article in The Globes, which is one of the leading business journals in Israel. That article quoted a sales price of $20M.
However, two of our sources have now confirmed that the price was in the $30M to $50M range.
It has been a long time since GE Lighting acquired a company. We spoke to one source who indicated that things are changing within GE. Much like Washington takes our tax money and distributes throughout the world. GE Corporate would take money from their various divisions, such as Lighting & Appliances, and distribute it through the GE Companies–much of it going to GE Capital. With the real estate bust, GE Capital is not investing in real estate as much, which frees the money for other GE businessess.
The Lightech deal was considered a “green” investment, which moved it to the top of the list.