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Report: GE nears deal to sell transportation unit to Wabtec

General Electric Co. is nearing a deal to merge its train engine manufacturing business with rail industry equipment manufacturer Wabtec Corp., Reuters reported, citing two people familiar with the matter.

The combined businesses could be valued at more than $20 billion, with a deal announcement coming as soon as the week of May 21, the report noted, quoting the sources.

GE and Wabtec did not return Reuters' requests for comment.