Word on the Street is that General Electric (GE) might be readying to offload its Steam Power division to multi-national electric utility player EDF, a company majority-owned by the French government. According to reports, the deal is worth roughly $1.2 billion, although neither of the companies have made any formal announcement on the matter yet. Based on sub-segment level disclosures, BofA analyst Andrew Obin believes Steam Power was a loss maker in 2020. The division made up ~75% of the Power Portfolio sub-segment, which reported a $(0.1) billion loss, or (1.5)% operating margin. Steam Power delivered revenue of $3.7 billion amounting to ~5% of GE Industrial.
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General Electric (NYSE:GE)
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