The General Electric logo appears above a trading post on the floor of the New York Stock Exchange, Tuesday, Oct. 24, 2017. (AP Photo/Richard Drew)
General Electric is moving closer to a deal to sell a unit that makes large industrial engines for $3 billion or more to private-equity firm Advent International.
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It would be a move that would bring in needed cash for the struggling conglomerate, according to Dow Jones.
The deal could be announced as early as Monday.
Cummins was also in the auction for the businesses, according to people familiar.
Chief Executive John Flannery is trying to sell $20 billion worth of assets by the end of next year.
Last month, GE agreed to sell its railroad division in a complex deal worth $11 billion.
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Last week, GE learned that it will be removed from the Dow Jones Industrial Average after more than a century in the blue-chip index.
The company’s shares closed Friday at $13.05, down by more than half in the past year.
Advent manages about $41 billion in assets across a range of sectors from industrial to financial services and telecommunications and media.
