GEC Alsthom, a joint venture between the UK’s General Electric Co. (GEC) and French company Alcatel Alsthom, has signed an agreement to acquire Cegelec from its parent, Alcatel. The signing forms part of plans to float GEC Alsthom on the London, Paris and New York stock exchanges in June.

Financial details have not been disclosed but are said by GEC to be in line with the company’s level of profitability. The company recorded an operating profit of $67 million last year on sales of $3.7 billion.

GEC Alsthom hopes the regrouping will create a world player in systems integration for energy, transport and industrial markets. It will expand the scope of GEC Alsthom’s business into industrial control.