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.
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% last month agreed to sell its railroad division in a complex deal worth $11 billion.
Also popular on WSJ.com:
- ^ 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)