General Electric Co. is nearing a deal to sell a unit that makes large industrial engines to private-equity firm Advent International for $3 billion or more, people familiar with the matter said, a move that would bring in needed cash for the struggling conglomerate.
A deal, if completed, could be announced on Monday, the people said. Advent appears to have beaten out Cummins Inc. CMI, +0.60%[1] in an auction for the businesses, according to the people.
Read: Why GE stock may be a buy after getting dumped from the Dow[2]
The sale is another step in Chief Executive John Flannery’s push to simplify the beleaguered company after years of underperformance, by selling $20 billion worth of assets by the end of next year. GE GE, +2.27%[3] last month agreed to sell its railroad division in a complex deal worth $11 billion.
An expanded version of this report appears on WSJ.com.[4]
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References
- ^ CMI, +0.60% (www.marketwatch.com)
- ^ Why GE stock may be a buy after getting dumped from the Dow (www.marketwatch.com)
- ^ GE, +2.27% (www.marketwatch.com)
- ^ An expanded version of this report appears on WSJ.com. (www.wsj.com)
- ^ Random demands and frozen computers: Hackers hit towns across the U.S. (www.wsj.com)
- ^ A generation of Americans is entering old age the least prepared in decades. (www.wsj.com)