General Electric (NYSE: GE) agreed to sell its lighting business to Savant Systems, a Hyannis, Mass.-based smart home management company backed by KKR.
Why it matters: This cuts GE’s last product ties to Thomas Edison.
- No terms were disclosed, but the WSJ puts the price tag at around $250 million (including assumed liabilities).
- That’s only half of what GE hoped to get when it first decided to divest in 2017.
The bottom line: GE is no longer in the consumer products business, although Savant plans to maintain the GE bulb branding via a long-term licensing agreement. As for what’s next, GE could become the global leader in giant robot worms.
