Qingdao Haier of China will acquire GE Appliances — which is its appliances division — for $5.4 billion in cash, including the company’s 48.4% stake on Mabe, a Mexican appliances company.
Haier — which had revenues of about $32.6 billion in 2014 — bought the appliances unit after a GE deal with Electrolux of Sweden worth $3.3 billion fell apart last year.
“G.E. Appliances is performing well, and there was significant interest from potential buyers, helping drive a good deal which will benefit our investors, customers and employees,” Jeff Immelt, G.E.’s chairman and chief executive, said in a news release.
GE stock is down 2% Friday.
More From InvestorPlace: