Electrolux to buy appliance division of General Electric in $3.3 billion deal

IndustriesAssociated Press

Sweden's Electrolux says it is buying the appliances business of General Electric for $3.3 billion, boosting its presence on the North American market.

The Stockholm-based company on Monday said the acquisition — the largest ever for Electrolux — will enhance its position as a global player in home appliances.

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GE confirmed last month it was in talks to sell its appliances division as part of its effort to focus on selling more complex and profitable industrial equipment.

Electrolux CEO Keith McLoughlin said the move, which needs regulatory approval and is expected to be completed in 2015, "takes our company to a new level in terms of global reach and market coverage."

Electrolux plans a rights issue corresponding to about 25 percent of the consideration after the acquisition is complete.