GE Nears Sale Of Industrial-Solutions Unit To ABB: Bloomberg

(RTTNews) - General Electric Co (GE) is nearing deal to sell its industrial solutions unit to Swiss engineering firm ABB Ltd.(ANN.L, ABB) in a deal valued at $2.5 billion to $3 billion, the Bloomberg reported, citing people with knowledge of the matter.

The companies are likely to announce an agreement by next week, the report said on Friday.

GE and ABB have been finalizing contractual agreements for the supply and services of future equipment, the report said, and talks could still be delayed or fall apart.

ABB doesn't comment on rumors and speculation, a spokesman said. A GE spokesman also declined to comment.