GE nears sale of its industrial unit to ABB

Sept 22 (Reuters) – General Electric Co has neared the sale of its industrial solutions unit to ABB Ltd for $2.5 billion to $3 billion, Bloomberg reported on Friday.

Reuters reported in August that General Electric had resumed negotiations to sell its industrial solutions business to ABB.

The companies are likely to announce an agreement by next week, Bloomberg reported citing sources.

ABB does not “comment on market rumours,” a company spokesman said. GE was not immediately available for comment.

(Reporting by Shubham Kalia in Bengaluru; Editing by Gopakumar Warrier)

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