Rumors of GE Security Sale Shifting to Fact
Some things are hard to keep secret for long. Although General Electric Co. refuses to confirm that its security division, GE Security, is for sale, what started as a rumor is growing more and more certain by the day.
Bloomberg News, which first reported the potential sale, now has reported that three sources have confirmed that GE Security is for sale and that JPMorgan Chase has been hired to find a buyer. It must be noted that the sources are unidentified, but are listed to “have knowledge of the matter.”
According to the sources, potential buyers, which the sources speculated to include Tyco International Ltd. and United Technologies Corp. were asked by GE to submit preliminary bids about a month ago. GE is also supposedly willing to split up the unit and sell it in parts if a buyer is not found for the whole business.
The selling trend isn’t new at GE Security. In April, Safran, a French company, purchased 81 percent of GE Security’s Homeland Protection business, which specializes in airport security.
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