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.
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