Global conglomerate General Electric would sell its security business to elevator and air conditioner maker United Technologies for USD 1.82 billion.

The transaction was approved by boards of both companies, and would be subject to customary closing conditions including regulatory approvals, GE said in a statement.

Pursuant to the said sale, the security business would become part of UTC's fire and security business, which is headquartered in Connecticut and would be led by William Brown, President, UTC Fire and Security.

"For our customers and our employees UTC is a natural fit," GE Enterprise Solutions President and CEO Charlene Begley said.

Commenting on the transaction GE Security President and CEO Dean Seavers said, "Customers will see increased breadth and depth of product offerings, as well as a global reach that serves a range of industry segments."

Meanwhile, the Connecticut headquartered UTC Fire and Security President William Brown said, "We are excited to invest in a company whose technologies will improve our growing position in the fire and security industry."

"GE Security has well respected products and brands that complement our existing portfolio and position us well for future growth," Brown added.