Jenbacher diesel engines being loaded at an Italian port in 1949. Source: Getty.
Advent International has agreed to buy General Electric's distributed power business, which makes Jenbacher and Waukesha industrial gas engines, for $3.25 billion.
Why it's a big deal: This is the next major piece of GE's $20 billion divestiture plan, and its first since being expelled from the Dow Jones Industrial Average after a century-plus run.
- Advent appears to have beaten out a rival bid from Cummins Inc.
- GE agreed last month to sell its railroad business to Wabtec for around $11.1 billion.
More from WSJ's Ben Dummett & Dana Mattioli
"The deal unwinds two acquisitions by former CEO Jeff Immelt, who left last summer after 16 years at the helm... GE acquired Jenbacher, based in Austria, in 2003. Waukesha, which dates back to 1906, came as a part of GE’s purchase of oil-and-gas equipment maker Dresser Inc. for $3 billion in 2010."