The Gores Group LLC has sold one of its portfolio firms, Lineage Power, to General Electric Co. in a deal valued a $520 million.

Plano, Texas-based Lineage makes equipment that converts electric power back and forth from alternating current to direct current. It was acquired by Alec Gores’ Los Angeles investment company three years ago.

GE of Fairfield, Conn. on Thursday said the acquisition opens the door for it to deploy its technology in the power conversion space.

Lineage had revenues of approximately $450 million last year, and the deal values the firm at eight times its enterprise value based on this year’s earnings before interest, taxes, depreciation and amortization (EBITDA).

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