HONG KONG May 14 Chinese state-controlled power
equipment maker XD Group is in early talks to buy General
Electric Co's joint venture with Mexico's Xignux SA for
up to $1 billion, a person familiar with the discussions told
Reuters on Tuesday.
The sale of the GE stake, known as Prolec GE Internacional,
is part of the company's effort to sell non-core businesses, the
person said. GE owns 49.9 percent of the company, which makes
Last year, GE paid $535 million for a 15 percent stake in
China XD Electric Co Ltd, the nation's biggest maker
of transmission and distribution equipment and a unit of XD
Bloomberg had first reported on the talks. Prolec GE has
annual sales of about $600 million, its report said, citing
people with knowledge of the matter.
GE and XD were unavailable for comment.