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DTE Energy, GE Unit in Deal on Power Projects


DTE Energy , a utility holding company, said it plans to sell a 50% stake in some industrial and power projects to a unit of General Electric for $805 million.

DTE Energy will use some of the proceeds for stock buybacks by the end of the year, according to a company statement. The deal is expected to close in late August.

As part of the deal, DTE Energy will manage the day-to-day operations of the projects and act as the managing member of the LLC that owns them.

Morgan Stanley advised DTE Energy.

GE is the parent company of CNBC.