Wednesday, June 19, 2024
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GE has announced the completion of the separation of its healthcare business and the launch of GE HealthCare Technologies Inc., a global leader in precision care. The company will begin trading on Nasdaq today under the ticker symbol “GEHC”. H. Lawrence Culp Jr., Chairman and CEO of GE and CEO of GE Aerospace, said in a statement: “The successful spin-off of GE HealthCare marks a pivotal moment in our transformation into three independent companies focused on critical, growing sectors. I am tremendously proud of the GE and GE HealthCare teams for their work to prepare this great business to stand on its own as an industry-leading, investment grade company focused on Precision Care.”

Culp continued: “We’re on track and confident in our plans to unleash the potential of GE Aerospace and GE Vernova as separate companies in early 2024. These two global leaders are creating a smarter, more efficient future of flight and driving decarbonization to address the energy transition. With lean and innovation at our core, we could not be more excited about the future.”

Holders of GE common stock received one share of GE HealthCare common stock for every three shares of GE common stock held. The distribution was part of a tax-free spin-off, resulting in tax efficiency for GE shareholders in the United States. GE is retaining approximately 19.9% of the shares of GE HealthCare common stock, with Culp serving as non-executive chairman.

Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel for the transaction, with Evercore, Morgan Stanley, and PJT Partners serving as lead financial advisors. GE also received legal advice from Gibson, Dunn & Crutcher LLP and DLA Piper, as well as financial advice from BofA Securities, Citibank, and Goldman Sachs.

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