Fairfield, Conn. – General Electric has pulled out of an agreement to sell its Louisville-based appliance business to Swedish company Electrolux.
In a press release GE said it had terminated the $3.3 billion sale and is “entitled to a break-up fee of $175 million from Electrolux. The Appliances business is performing well and GE will continue to run business while it pursues a sale.”
In July the Justice Department sued to block GE from selling the appliance business to Electrolux, because the deal would eliminate competition.
“The department brought suit on July 1, 2015, to challenge the $3.3 billion acquisition because it would combine two of the leading manufacturers of ranges, cooktops and wall ovens sold in the United States, eliminating competition that benefits American consumers and home builders through lower prices and more options,” a statement from the DOJ said.
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