General Electric Co. (NYSE: GE) agreed to sell its home-appliances business to China’s Qingdao Haier Co. for $5.4 billion after pulling out of a deal with Electrolux AB last month.

The new pact represents a significant premium over the $3.3 billion Electrolux agreement, which was canceled amid objections from U.S. antitrust regulators. Haier, one of several bidders in the latest round, paid 10 times the division’s earnings over the last year, GE said Friday in a statement.

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