General Electric has agreed to sell its appliances business to Electrolux for $3.3 billion.

As part of the transaction, GE has entered into a long-term agreement with Electrolux to continue use of the GE Appliances brand.

The transaction has been approved by the boards of directors of GE and Electrolux and remains subject to customary closing conditions and regulatory approvals, and is targeted to close in 2015.

“This transaction is consistent with our strategy to be the world’s best infrastructure and technology company,” says Jeff Immelt, chairman and chief executive officer, GE. “We are creating a new type of industrial company, one with a balanced, competitively positioned portfolio of infrastructure businesses with strong advantages in technology, growth markets, driving customer outcomes, and a culture of simplification.”

Electrolux is ranked No. 18 in License! Global’s Top 150 Global Licensors report. View the full report here.