Advent to Acquire GE's Distributed Power Biz

U.S. buyout group Advent has agreed to buy General Electric's (GE) distributed power operations for $3.25 billion, the companies said on Monday.

GE had put the unit, which includes the reciprocating gas engine brands GE Jenbacher and Waukesha up for sale, to bolster its finances.

The deal values the company at about 9.7 times its 2018 earnings before interest, tax, depreciation and amortization of just below 290 million euros ($339 million), a person close to the matter said.

Reporting by Arno Schuetze and Hans Seidenstücker