GE Reportedly in Talks to Buy ABB Unit
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ELECTRONICS
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A General Electric Co. subsidiary is reportedly in talks to buy part of ABB Ltd.’s leasing and financing business in a deal that could be worth as much as $3.1 billion.
GE declined to comment on the report in the Wall Street Journal, and Zurich-based ABB said only that it was in talks with undisclosed parties about selling the business.
The Journal reported that GE’s commercial-finance unit is in talks to buy about 80% of the leasing and loan portfolio held by ABB’s structured-finance subsidiary. It cited unidentified people familiar with the matter.
The ABB unit provides loans to companies for infrastructure projects and leases office equipment and vending machines.
Shares of General Electric fell 12 cents to $31.95 on the NYSE.
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