GE May Sell Appliance Unit
In what could shake out as the biggest development in the appliance business in years, GE is in talks to sell its appliance unit.
According to a Bloomberg News report Friday, GE is in talks to sell its home appliance business to Electrolux AB– although upstart Quirky is reportedly interested in the unit as well. Quirky is backed by Blackstone Group LP and other private equity firms in its bid.
“AB Electrolux today confirmed that it is in discussions regarding a possible acquisition of the appliances business of GE,” Electrolux said in a statement. “No agreement has been reached, and there can be no assurances that an agreement will be reached. Any further announcements will be made in due course.”