Several weeks after General Electric gave notice it had found two interested suitors to buy its consumer appliance business, Reuters reported Thursday that one of them — Swedish appliance maker Electrolux — has produced the $2.5 billion to make the acquisition and that a deal is near completion.
"The companies are hammering out final terms of a deal and could announce their agreement as soon as next week," Reuters stated, adding that discussions are ongoing.
Electrolux' reach in North America would expand substantially if the deal occurs. It is the second-largest home appliance maker after Whirlpool.
Last month, G.E. confirmed plans to sell off its iconic appliance unit to focus more on its core industrial business.
The reported $2.5 billion is significantly less than the $8 billion asking price G.E. had when it attempted the same sale in 2008.