GE nears sale of commercial lighting business to AIP
GE and AIP could announce a deal for the unit, which is known as Current, Powered by GE, as early as this week
New York: General Electric Co. is in talks to sell its commercial lighting division to American Industrial Partners (AIP), according to people familiar with the matter, as the manufacturer continues on its divestiture blitz.
GE and AIP could announce a deal for the unit, which is known as Current, Powered by GE, as early as this week, said the people, who asked to not be identified because the matter isn’t public. The deal hasn’t been finalized and could still fall through, they said.
A representative for GE declined to comment. AIP, a New York-based private equity firm, didn’t immediately respond to requests for comment.
Current offers energy consulting services to businesses and municipalities that help them control and lower their power costs by digitally managing their lighting systems. It’s part of GE’s lighting unit, a division that includes a consumer light bulb business that GE is also in the process of selling. GE has announced at least $10 billion in asset sales over the last 12 months, including its century-old rail business in May. The company sold the bulk of its international and automotive lighting businesses earlier this year. AIP has raised about $4 billion of private equity capital across six investment funds, according to its website.
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