GE nearing deal to sell industrial engines unit to Advent: WSJ
[BENGALURU] General Electric Co is close to a deal to sell its industrial gas engines business to private equity firm Advent International for US$3 billion or more, The Wall Street Journal reported on Sunday, citing people familiar with the matter.
A deal could be announced on Monday, the report said.
Divesting the industrial gas engine business, which includes the Jenbacher and Waukesha engines, would help streamline GE's power division, whose profit plunged 45 per cent last year as sales of power plants and services fell sharply.
The unit makes multi-ton gas turbines that generate onsite power to keep industrial plants running. Jenbacher and Waukesha engines cover the small to mid-sized segment of GE's power business, ranging from 100 kilowatts to 10 megawatts.
GE and Advent were not immediately available for comment.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Glencore Group nears deal for Shell’s Singapore oil refinery
Opec+ may need to tackle oil capacity conundrum next month
Gold flat ahead of US payrolls data, set for second weekly drop
Oil settles near 7-week lows, focus shifts to economy
Exxon-Pioneer deal gets green light from US FTC, Pioneer exec barred from board
Shell maintains pace of buybacks as profit beats estimates