NEW YORK (TheStreet) -- Shares of General Electric Co. (GE) were climbing, up 0.02% to $27.30 in early market trading Monday, following reports that the company is nearing a deal to sell more than half of its private-equity-lending unit to Canada Pension Plan Investment Board for $12 billion, according to Bloomberg.
The announcement by GE and Canada's largest pension fund may be made today, and would mark a big step in the industrial company's plan to move away from banking, Bloomberg reports.
In April, GE CEO Jeffrey Immelt first revealed plans to unload roughly $200 billion of its capital assets in order to refocus on its industrial operations.
General Electric is a diversified infrastructure and financial services company with products ranging from aircraft engines, power generation, oil and gas production equipment, and household appliances to medical imaging, business and consumer financing and industrial products.
The company is based in Fairfield, Conn.
Separately, TheStreet Ratings team rates GENERAL ELECTRIC CO as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENERAL ELECTRIC CO (GE) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its expanding profit margins and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."