Brussels, Belgium – General Electric Co. and Credit Suisse Group won EU regulatory approval Monday for a $1 billion project to invest in infrastructure projects worldwide.
The European Commission cleared the deal in a fast-track procedure used when it sees no antitrust problems or receives no complaints from rivals.
The joint venture announced in May, in which the companies will invest $500 million each, is intended to develop and finance utility work such as power generation and transmission projects, water projects, and gas storage and pipelines.
It also will pay for transportation projects worldwide, such as airports and air traffic control facilities, ports, railroads and toll roads.
It’s the first joint venture between U.S.-based GE and the banking arm of Zurich, Switzerland-based Credit Suisse Group.
