Paris-headquartered private equity firm LBO France has sealed one of the biggest buyouts this year, after it agreed to acquire of a one third stake in power generation company Converteam in a deal valuing it at €2bn ($3.1bn).

The deal structure is significantly different to the straightforward buyout envisaged by the market, with LBO France acquiring a third of the business and Barclays Private Equity, which has owned the company since 2005, retaining almost two thirds according to a source close to the deal.