General Electric Company (NYSE:GE) is almost close to divesting the industrial engines business to Advent International in a deal valued at over $3 Billion. The company is likely to announce the deal on Monday.

The industrial gas engine business consists of Waukesha engines and Jenbacher engines. GE Plans to use the proceeds to set right its power division, which has reported a decline of 45% in profit in 2017. The struggling conglomerate is mobilizing funds through the sale of industrial engines business. GE took over the Austria based Jenbacher in the year 2003.

John Flannery, Chief Executive Officer said the company is in the restructuring mode. It may either spin off or sell a large chunk of its portfolio. The company is looking at numerous ways to spin off or sell assets worth over $20 billion.

Advent International is engaged in managing assets worth $41 billion. Its business operations include telecommunications, financial to industrial services and media. Cummins Inc. (NYSE:CMI) bid on GE industrial engines business is lower than that of Advent International.

GE Agrees to Sell Railroad Division for $11 Billion

GE has agreed to sell its railroad division for $11 billion last month. After being in the blue-chip index for over a century, the company learned last month that its name will be removed from Dow Jones industrial average.

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Its share price has declined by more than half in 2017. The share price of GE settled at $13.05 on Friday.

Investors of GE are waiting for an update. Plans are underway even for the breakup of the 126-year conglomerate.

Exit of Jeff Immelt, CEO Under Pressure from Investors

GE is under pressure from the investors in the recent past to revive the stock price and improve profits. It has caused the exit of Jeff Immelt, Chief Executive Officer, after steering the company for 16 years. Following the exit of Immelt, the company has slashed the financial and dividend targets.

Joe Ritchie, an analyst at Goldman Sachs Group Inc (NYSE:GS), said GE should suspend the issue of dividend for eighteen months to conserve the cash and carefully carve its future.