GE Sells Solar-Business Stake to BlackRock as Culp Narrows Focus

General Electric Co. agreed to sell a majority stake in a solar-energy business to BlackRock Inc., giving the investment giant footing in a growing market as the ailing manufacturer shifts its focus elsewhere.

A fund managed by BlackRock’s Real Assets unit will own 80% of Distributed Solar Development, a new company created from GE Solar, the companies said July 17 in a statement. Financial terms weren’t disclosed.

The deal furthers GE’s streamlining as Chief Executive Officer Larry Culp seeks to rescue the conglomerate by narrowing focus around aviation, gas power and wind energy. The Boston-based company is using mergers to ...