GM sells transmission unit in $5.6B deal

DETROIT, June 28 (UPI) -- General Motors said in Detroit Thursday that it had agreed to sell its Allison Transmission unit for $5.6 billion to a pair of private-equity firms.

The move was seen as an attempt to further boost GM's liquidity and focus on improving its core automotive operations, The Wall Street Journal said.

The Detroit auto maker said it had struck a preliminary deal with the Carlyle Group and Onex, private-equity firms that beat out other bidders.

Allison specializes in building transmissions for GM vehicles, including heavier trucks.