May 7 General Electric Co has agreed to
sell its Wayne fuel dispenser business to private investment
firm Riverstone Holdings LLC, the U.S. conglomerate said on
Financial terms were not released. Reuters reported last
week that a deal for Wayne would likely value the unit at
between $500 million and $600 million, according to sources.
Austin, Texas-based Wayne was part of Dresser Inc, the
energy infrastructure company that GE bought in 2010 for $3
billion. Wayne manufactures fuel dispensers for petroleum
retailers and commercial fleets as well as compressed natural
gas fueling pumps.
Riverstone previously owned a "significant" stake in Wayne
through its investment in Dresser, according to a release posted
on the energy-and-power investment firm's website.
GE said last month it was planning to divest $4 billion
worth of its industrial businesses this year.
(Reporting by Lewis Krauskopf; Editing by Mohammad Zargham)