The invention relates to a 3N−4-level (N≧3) voltage converter including:3N−5 direct voltage generators (1, 2, 3, 4) connected between two input voltage terminals (V+, V−),two lateral commutation branches (10, 11), each connected between an output terminal and an input voltage terminal (V+, V−) and comprising N−1 series connected commutation cells (20, 21, 22, 23),2N−4 central commutation branches (12, 13), each comprising a switch bidirectional in terms of voltage and current and being connected between two commutation cells of a lateral branch (10, 11) and two generators, andN−2 pairs of diode cells (16) each connected to two of the 2N−4 central commutation branches (12, 13). The diodes (14, 15) of one pair are series connected, in the same direction, and are connected together by a middle point connected between two generators.