Report: GE in talks to sell rail business to Wabtec

General Electric Co. is in talks to sell its locomotive business to rail equipment manufacturer Wabtec Corp., Bloomberg reported late last week.

GE is considering combining the GE Transportation business with Wabtec, which has a market valuation of $8 billion, Bloomberg reported citing people familiar with the matter. Bloomberg did not identify the individuals because the talks are private.

A deal has not been reached and the discussions are ongoing. GE also might decide to pursue an initial public offering or another option, Bloomberg reported.