GE Nears Deal to Sell Industrial-Engines Unit to Private-Equity Firm Advent -- Sources
June 24 2018 - 06:00PM
Dow Jones News
By Ben Dummett and Dana Mattioli
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. in an auction
for the businesses, according to the people.
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 last month agreed to sell its railroad division in
a complex deal worth $11 billion.
Thomas Gryta contributed to this article.
Write to Ben Dummett at ben.dummett@wsj.com and Dana Mattioli at
dana.mattioli@wsj.com
(END) Dow Jones Newswires
June 24, 2018 17:45 ET (21:45 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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