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General Electric (GE) - Get Free Report is in talks to sell its industrial solutions unit to Swiss-based engineering firm ABB Ltd (ABB) - Get Free Report for between $2.5 billion to $3 billion, according to Bloomberg.

The two companies are likely to announce the deal by next week. A spokesperson for the Swiss company said it does not "comment on market rumors," according to the report.

The American multinational conglomerate resumed discussions to sell industrial solutions unit with ABB after CEO John Flannery assumed the role on August 1.

Shares of General Electric traded up 0.24% to $24.82 in early trading Friday.

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