GE To Sell Distributed Power Business To Advent For $3.25 Bln

(RTTNews) - General Electric Co. (GE) said Monday that it agreed to sell its Distributed Power business to Advent International, private equity investor, for $3.25 billion. The transaction includes Distributed Power's Jenbacher and Waukesha engines, as well as manufacturing sites in Austria, Canada and the U.S.

The transaction is expected to close by the fourth quarter 2018, subject to customary closing conditions and regulatory approvals.

Distributed Power, a business unit of GE Power, is a provider of reciprocating gas engines, power equipment and services focused on power generation and gas compression at or near the point of use. Distributed Power offers a diverse product portfolio that includes highly efficient, fuel-flexible, industrial gas engines generating 200 kW to 10 MW of power for numerous industries globally.

With approximately 3,000 employees and three main facilities located in Austria, the U.S. and Canada, Distributed Power has delivered more than 48,000 Jenbacher and Waukesha reciprocating gas engines to customers around the world. The Distributed Power business had sales of $1.317 billion for the year ended December 31, 2017.