General Electric (GE) Board of Directors Approves Separation of GE HealthCare
- Wall Street ends higher, notches weekly gains as Fed meeting looms
- Intel pares losses but sheds $9 billion in value on dire outlook, dividend concerns
- Analysts rush to cut Intel (INTC) price targets following weaker than expected Q1 guidance
- Lucid Group (LCID) doubles on Saudi rumors
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
General Electric Company (“GE”) (NYSE: GE) announced today that its Board of Directors has approved the previously announced spin-off of its healthcare business, GE Healthcare Holding LLC (“GE HealthCare”). Prior to such spin-off, GE HealthCare is expected to be converted into a corporation and renamed GE HealthCare Technologies Inc. The company is expected to begin trading on Nasdaq on January 4, 2023, under the ticker “GEHC”.
To effect the separation, GE’s Board of Directors approved a distribution to GE shareholders of at least 80.1% of the outstanding shares of GE HealthCare. Holders of GE common stock will be entitled to receive one share of GE HealthCare common stock for every three shares of GE common stock held on December 16, 2022, the record date for the distribution. The distribution is expected to occur after U.S. market close on January 3, 2023. For U.S. federal income tax purposes, the distribution will be conducted in a tax-efficient manner for GE shareholders in the United States. The distribution is subject to certain conditions described in the registration statement on Form 10 filed by GE HealthCare.
GE Chairman and CEO, GE Aerospace CEO, H. Lawrence Culp, Jr. said, “Today’s announcement marks one of the final milestones for our planned spin-off of GE HealthCare as we move toward launching three independent, industry-leading, and investment-grade companies. GE HealthCare is driving precision care globally, with a clear strategy for value creation that will benefit patients, customers, and shareholders under the leadership of CEO Peter Arduini and his team.”
Effective upon the spin-off, GE will retain up to 19.9% of the outstanding shares of GE HealthCare common stock.
GE shareholders do not need to take any action to receive shares of GE HealthCare common stock to which they are entitled as a GE shareholder. Additionally, shareholders do not need to pay any consideration, or surrender or exchange shares of GE common stock, to participate in the separation.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- General Electric (GE) PT Raised to $95 at UBS
- Color Star Technology (ADD) Regains Nasdaq Compliance
- Badger Meter Reports Fourth Quarter and Full Year 2022 Financial Results
Create E-mail Alert Related CategoriesCorporate News, Spinoffs
Related EntitiesDividend, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!