GE sells water unit in 3.2b-euro cash deal

New York

GENERAL Electric Co agreed to sell its water unit in a 3.2 billion-euro (S$4.78 billion) deal, putting the industrial giant a step closer to the planned merger of its oil division with Baker Hughes Inc.

The all-cash sale to French utility Suez SA and a Canadian pension fund manager comes about four months after GE put the water unit on the market amid concerns of regulatory pushback against the Baker Hughes combination. Boston-based GE is overhauling its portfolio to focus on industries such as energy and aviation while tilting away from finance and consumer operations.