European, U.S. regulators OK GE's plan to buy Alstom's energy business

General Electric now is entering the final stage in its quest to acquire Alstom's energy businesses following the proposed transaction's approval by regulators in Europe and the United States.

After several discussions during recent months, the European Commission and the U.S. Department of Justice gave GE the green light to move forward with the purchase.

The transaction will allow Alstom, which is focused on its transport business, to "pursue an ambitious growth strategy," company officials said in a press release.

"In addition to fulfilling the authorities’ wish to maintain the level of competition in the market, General Electric’s commitments protect the interests of Alstom employees, shareholders and customers," said Patrick Kron, Alstom's chairman and chief executive officer.

The deal is valued at about $13.9 billion, according to a Reuters report.