Diversified conglomerate General Electric Co. (GE) said it has completed the acquisition of Alstom SA’s power and grid businesses. The completion of the transaction, which is GE’s largest-ever industrial acquisition, follows the regulatory approval of the deal in over 20 countries and regions.

GE reached an agreement with Alstom in 2014 to purchase Alstom’s power and grid businesses for 12.35 billion euros.

Adjusting for the joint ventures announced in June 2014, changes in the deal structure, price adjustments for remedies, net cash at close, and including the effects of currency, the purchase price is 9.7 billion euros, or about $10.6 billion.

GE expects the deal to generate $0.05 to $0.08 of earnings per share in 2016 and $0.15 to $0.20 of earnings per share by 2018. GE is targeting $3 billion (€2.7bn) in cost synergies in year five and strong deal returns. The overall economics and strategic rationale remain the same as GE announced in April 2014.

GE chairman and chief executive officer Jeff Immelt said: “The completion of the Alstom power and grid acquisition is another significant step in GE’s transformation.”

GE also announced today it has completed the sale of its rail signaling business to Alstom for about $800 million (€725m).