[NEW YORK] General Electric Co agreed to sell a majority stake in a solar energy business to BlackRock Inc, giving the investment giant footing in a growing market as the ailing manufacturer shifts its focus elsewhere.
The deal furthers GE's streamlining as chief executive officer Larry Culp seeks to rescue the conglomerate by narrowing focus around aviation, gas power and wind energy. The Boston-based company is using mergers to exit the oil and locomotive markets, and GE has said it is"evaluating strategic options" for its venture-capital operations.
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