September 22, 2017 / 10:34 AM / in a year

GE nears sale of its industrial unit to ABB - Bloomberg

(Reuters) - General Electric Co (GE.N) has neared the sale of its industrial solutions unit to ABB Ltd (ABBN.S) for $2.5 billion (£1.85 billion) to $3 billion, Bloomberg reported on Friday.

The logo of General Electric Co. is pictured at the Global Operations Center in San Pedro Garza Garcia, neighbouring Monterrey, Mexico, on May 12, 2017. REUTERS/Daniel Becerril

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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