(Reuters) – General Electric Co (GE.N) is close to a deal to sell its industrial gas engines business to private equity firm Advent International for $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 percent 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.
Reporting by Rama Venkat Raman in Bengaluru; Editing by Richard Chang