International. General Electric (GE) announced it is selling its energy efficiency business, Current, for an undisclosed amount to private equity firm American Industrial Partners.
The transaction is part of a set of actions comprising a $20 billion settlement program, including an amount of sales expected to close during the fourth quarter and early 2019. GE CFO Jamie Miller said "some aviation companies and Current and Lighting" were "well on track in those processes," during the company's Q3 investor call last week.
The deal, which is expected to close in early 2019, follows an earlier announcement about restructuring GE's energy division.
The company had previously announced a plan to streamline its approach to its renewable energy, energy and aviation units, presenting a plan to sell assets worth $20 billion. As part of those consolidation efforts, GE struck a deal with Apollo Global Management in October to offload nearly $1 billion of energy investments, including debt.
GE's stock price hit nine-year lows in September, and its struggling power business hit a costly hurdle when complications arose with its latest gas turbine model.
To respond to recent problems, the energy division will be reorganized into two units, separating its natural gas business from other power generation assets, such as coal, nuclear power and grid services.
