General Electric Co. is nearing an agreement to sell its industrial-solutions business to ABB Ltd. in a deal valued at $2.5 billion to $3 billion, people with knowledge of the matter said.
The companies are likely to announce an accord by next week, said the people, who asked not to be identified because the talks are private. The decision caps a months-long bidding process after GE put the electrical-products unit up for sale in December.
The transaction is poised to be the first major portfolio change under GEs new chief executive officer, John Flannery, who is trying to reverse this years biggest stock slide on the Dow Jones Industrial Average. Under pressure from activist investor Trian Fund Management, GE agreed in March…
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