The acquisition announced Friday comes as Haier tries to transform itself into a premium brand. GE is shifting emphasis from traditional businesses such as appliances, in which it has been a prominent presence for more than a century, to higher-technology areas such as medical equipment and clean energy.
The two companies also agreed to form a strategic partnership to cooperate in areas such as the Internet, healthcare, and advanced manufacturing. They said the sale is subject to regulatory and anti-trust approvals in relevant countries.
The purchase is the third in a string of multibillion-dollar foreign acquisitions this week by Chinese buyers.
On Tuesday, conglomerate Wanda Group said it was buying Hollywood’s Legendary Entertainment for $3.5 billion. The previous day, a state-owned chemical company announced the purchase of a German manufacturer for $1 billion.
Chinese companies are on a buying spree abroad, looking for technology and brands to improve their competitive position at home and speed their global expansion.
Chinese buyers have announced 23 outbound acquisitions so far this year, totaling $12.3 billion, up from $2.9 billion in the same period last year, according to Dealogic, a financial information provider.
Haier, headquartered in the eastern Chinese city of Qingdao, makes a wide range of refrigerators, washing machines and other home appliances. It reported 2014 revenue of $32.6 billion. It operates a string of 21 industrial parks worldwide.
Its purchase of GE Appliances is the biggest global corporate acquisition so far this year and the third-biggest in the United States by a Chinese buyer to date, according to Dealogic.
GE Appliances, headquartered in Louisville, Kentucky, reported $5.9 billion in 2014 revenue. It has 12,000 employees, 96 percent of them in the United States.
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