A definitive agreement to sell GE Energy’s hydro business to the Pescarmona Group of Companies (PGC) has been signed.

The deal covers GE Energy’s worldwide hydro business, excluding its operations in Norway and Sweden, a PGC offer for which is under consideration.

Terms of the agreement, which is expected to close in the next few months, were not disclosed.

John Krenicki, president and chief executive of GE Energy commented: “The business has re-evaluated the position of the hydro segment with respect to other growth opportunities.”