$GE Aerospace(GE.US)$'s decision to split into three companies has private-equity firms looking to carve up GE into even more pieces, the Financial Times reports.
"We are sharpening the pencils," one executive at a large, global alternative asset manager tells FT, who sees everything other than healthcare potentially selling off for a better price in the private marketplace than when it goes public.
GE's energy unit could be sold piecemeal, with RBC analyst Deane Dray telling FT that "any business in the power portfolio is considered non-core. Those would be perfect candidates for private equity."
The unit carries low margins and is forecast by analysts at CreditSights to generate just $1.3B in combined operating cash flow this year across a "hodgepodge of detached businesses."
Other areas of opportunity for alternative asset management giants such as $Apollo Global Management(APO.US)$. $Blackstone(BX.US)$ , $Brookfield Asset Management(BAM.US)$, $The Carlyle Group(CG.US)$ and KKR are said to include GE's 45% stake in $AerCap Holdings(AER.US)$ and the troubled long-term care insurance business.
"This is epochal," a P-E partner tells FT, calling GE's break-up the "death knell" of the conglomerate business strategy.
Dray's sum-of-the-parts model points to an implied valuation of ~$130/share.

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$GE Aerospace(GE.US)$ please for better and not worst