- General Electric Co's GE board approved the previously announced spinoff of its healthcare business, GE Healthcare Holding LLC.
- Before such a spinoff, GE HealthCare will likely be converted into a corporation and renamed GE HealthCare Technologies Inc.
- The company will likely begin trading on Nasdaq on January 4, 2023, under the ticker "GEHC."
- Also Read: How Boeing, GE And Raytheon Shares Are Reacting To $1.3B In New US Defense Contracts
- The board approved a distribution to GE shareholders of at least 80.1% of the outstanding shares of GE HealthCare.
- Holders of GE common stock will receive one share of GE HealthCare for every three shares of GE held on December 16, 2022, the record date for the distribution.
- The distribution will likely occur after the U.S. market closes on January 3, 2023.
- Effective upon the spinoff, GE will retain up to 19.9% of the outstanding shares of GE HealthCare.
- GE put an initial value of $31 billion on the soon-to-be-public company, the Wall Street Journal reported.
- Following the healthcare spinoff, it plans to separate its aerospace business from its power and renewable-energy units.
- GE HealthCare, which makes MRI machines and other medical equipment, has about $18 billion in annual revenue, compared with GE's $74.2 billion in 2021.
- Culp will be the non-executive chairman of the new board, and Arduini will also be a director.
- GE's healthcare division plans to hold an investor day on December 8.
- Price Action: GE shares traded higher by 0.30% at $86.23 premarket on the last check Thursday.
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