General Electric has sold its distributed power operations for $3.25 billion to private equity firm Advent International.
|GE||GENERAL ELECTRIC CO.||76.43||+1.74||+2.33%|
Before the deal was made official there were rumors that it was coming, as early as Monday.
GE had put the unit, which includes the reciprocating gas engine brands GE Jenbacher and Waukesha, up for sale to boost its finances.
Chief Executive John Flannery is trying to sell $20 billion worth of assets by the end of next year.
Last month, GE agreed to sell its railroad division in a complex deal worth $11 billion.
Last week, GE learned that it will be removed from the Dow Jones Industrial Average after more than a century in the blue-chip index. Monday is GE’s last day on the Dow.
FOX Business' Leia Klingel contributed to this article.