China's Haier to buy GE's appliance unit for US$5.4b

Hong Kong

CHINA'S Haier Group has agreed to buy General Electric Co's appliance business for US$5.4 billion in what would be the country's biggest acquisition of an overseas electronics firm.

The Qingdao Haier Co signed an agreement with GE and the transaction is targeted to close in mid-2016, according to a statement. While the boards of GE and Haier have approved the deal, it's still subject to shareholder and regulatory approval.