After numerous failed attempts to sell its appliance division, General Electric has finally found a likely buyer.
GE is in the process of selling part of its company to China's Haier Group in a deal valued at $5.4 billion, according to The Wall Street Journal.
The news comes after GE's numerous attempts to reach a deal with foreign companies, all of which were blocked by regulators.
Both companies are looking to rebrand, with GE shifting its focus to more innovative areas like clean energy and medical devices and Haier looking to make itself a household name, The Washington Post reported.
The deal is still subject to approval by a slew of regulators, but if given the green light, it will signal a long-term partnership between the two companies in areas like the Internet, healthcare and advanced manufacturing.
"Haier is committed to investing in the U.S. In addition, together Haier and G.E. will explore opportunities for joint collaboration and, in doing so, establish a type of new alliance, with comprehensive strategic cooperation between two world-class enterprises, which reflects our common understanding on opportunities brought by the Internet Era,'' Haier Group CEO and chairman Zhang Ruimin said, according to The New York Times.
The deal is expected to close in the next six months.
