GE nears $3 billion deal to sell off industrial-engine unit

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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.












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  in an auction for the businesses, according to the people.

Read: Why GE stock may be a buy after getting dumped from the Dow

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












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  last month agreed to sell its railroad division in a complex deal worth $11 billion.

An expanded version of this report appears on WSJ.com.

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