GE announced today that it has completed the separation of its healthcare business, launching GE HealthCare Technologies. Starting today, GE HealthCare will trade on the Nasdaq under the ticker symbol GEHC.
H. Lawrence Culp Jr., Chairman and CEO, GE and CEO, GE Aerospace, said, “The successful spin-off of GE HealthCare marks a pivotal moment in our transformation into three independent companies focused on critical, growing sectors.”
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 percent of the shares of GE HealthCare common stock. Culp will serve as non-executive chairman of GE HealthCare.
Paul, Weiss, Rifkind, Wharton & Garrison acted as legal counsel. Evercore, Morgan Stanley, and PJT Partners were the lead financial advisors to GE on the transaction. GE also received legal advice from Gibson, Dunn & Crutcher and DLA Piper and financial advice from BofA Securities, Citibank, and Goldman Sachs. Read more.
