NEW YORK (TheStreet) -- General Electric Co. (GE) and Electrolux (ELUXY) , a Sweden-based household and professional appliances manufacturer and marketer, are said to be near a deal for the latter company to purchase GE's appliance business for $2.5 billion, Reuters reports.
The two companies are reportedly working out the final stages of the deal, which would help expand Electrolux's presence in North America, and an announcement could be made as early as next week, sources told Reuters.
In August, GE said it was looking into its options regarding the appliance business, which sells products under the brands GE Monogram, GE Cafe, and Hotpoint.STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
The business is worth between $2 billion and $2.5 billion, sources told Reuters.
Shares of GE are up by 0.20% to $26 in early afternoon trading on Thursday, and shares of Electrolux are higher by 4.19% to $54.01.
Separately, TheStreet Ratings team rates GENERAL ELECTRIC CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENERAL ELECTRIC CO (GE) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, increase in net income, increase in stock price during the past year and expanding profit margins. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."