General Electric Co. GE, -0.17% said Thursday it expects to book a charge of $700 million to $800 million related to the sale of part of GE Steam Power’s nuclear business to French utility Électricité de France S.A. That transaction, which is expected to close in the first half of 2023, “will result in a reclassification of that business to “held for sale” in the first quarter of 2022,” GE said in a regulatory filing. The overall deal is expected to result in a “significant gain,” said the filing. EDF said earlier it has signed an exclusive agreement with GE to buy the business, which includes conventional island equipment for new nuclear-power plants as well as steam turbine technology for future plants. Terms were not disclosed. GE shares were down 0.3% premarket, but have gained 7.5% in the last 12 months, while the S&P 500 SPX, -1.50% has gained 17%.
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