GE Completes Sale of Appliances Business to Haier
June 8, 2016
GE announced today it has completed the sale of GE Appliances to Qingdao Haier Co., Ltd. (“Haier”) for $5.6 billion.
“The sale of GE Appliances is another step in the company’s portfolio transformation and its mission to become the world’s leading Digital Industry company,” said GE Chairman and CEO Jeff Immelt. “By successfully acquiring Alstom’s power and grid assets, splitting off Synchrony Financial and by continuing to execute the GE Capital exit strategy ahead of plan, the team is making GE a simpler, more competitive company.”
Goldman Sachs provided financial advice to GE, and Sidley Austin LLP was GE’s legal advisor.