Electrolux AB agreed to buy General Electric Co.’s century-old appliances unit for $3.3 billion in cash, putting the Swedish company on a par with industry leader Whirlpool Corp. of the U.S.

The purchase, Electrolux’s biggest, brings together brands such as Hotpoint, Frigidaire and Zanussi, and creates a company with annual revenue of about $22.5 billion. Acquiring the predominantly U.S. business will add to earnings from the first year, Stockholm-based Electrolux said today, sending its shares soaring to the highest since at least 1989.

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