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GE Agrees to Sale of Gas-Engine Business to Advent International

  • Agreement with Advent includes Jenbacher, Waukesha brands
  • Pact follows rail merger as Flannery seeks to reverse slump
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General Electric Co. agreed to sell its industrial gas-engine business to Advent International for $3.25 billion, bolstering Chief Executive Officer John Flannery’s plan to shed assets and reshape the beleaguered manufacturer.

The private-equity firm will acquire GE’s Jenbacher and Waukesha engine brands and manufacturing sites in Austria, the U.S. and Canada, the companies said in a statement Monday. The deal is expected to close in the fourth quarter.