Haier to buy GE's appliances business

Haier Group, China's biggest manufacturer of household appliances, agreed to buy General Electric Co's appliances business for $5.4 billion in cash in the country's biggest acquisition of an overseas electronics company.

Qingdao-based Haier signed a memorandum of understanding on Friday with GE in the United States, according to a statement by Haier. The deal is expected to be completed in the second quarter of this year, pending regulatory approval.

The statement said the operation team at GE's appliances unit will remain unchanged. Haier is authorized to use GE's brand for at least 40 years.