STOCKHOLM — AB Electrolux has entered into an agreement to acquire the appliance business of General Electric (GE Appliances), the company reports, for a cash consideration of $3.3 billion.
The deal is structured primarily as an asset transaction, with completion subject to regulatory approvals. The acquisition is expected to close during 2015.
The acquisition also includes a 48.4% shareholding in the Mexican appliance company Mabe with which GE has had a joint venture with for nearly 30 years. Mabe develops and manufactures portions of GE Appliances’ product offering.