An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
GE has successfully completed the spin-off of its healthcare business, GE HealthCare Technologies Inc., which will commence trading on Nasdaq under the ticker GEHC from January 4, 2023. This pivotal move is expected to enhance GE's focus on critical sectors, as it retains a 19.9% stake in GE HealthCare. CEO H. Lawrence Culp Jr. expressed confidence in the future growth of both GE Aerospace and GE Vernova, planned to launch as independent companies in early 2024.
Positive
Successful spin-off of GE HealthCare allows GE to focus on three independent companies.
Holders of GE stock received one share of GE HealthCare for every three shares of GE held, ensuring tax-efficient distribution.
Negative
None.
Spin-off of GE HealthCare creates global leader in Precision Care
GE HealthCare to begin trading on The Nasdaq Stock Market LLC (“Nasdaq”) on January 4, 2023, under ticker “GEHC”; GE will continue to trade on New York Stock Exchange (“NYSE”) under ticker “GE”
GE remains on track to launch GE Aerospace and GE Vernova1 as independent, industry-leading, investment grade companies in early 2024
BOSTON--(BUSINESS WIRE)--
GE (NYSE: GE) announced that it has completed the separation of its healthcare business, launching GE HealthCare Technologies Inc. (“GE HealthCare”), a global leader in Precision Care. Starting today, January 4, 2023, GE HealthCare will trade on 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. 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 percent of the shares of GE HealthCare common stock. Culp will serve as non-executive chairman of GE HealthCare.
Paul, Weiss, Rifkind, Wharton & Garrison LLP 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 LLP and DLA Piper and financial advice from BofA Securities, Citibank, and Goldman Sachs.
This document contains forward-looking statements – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. For details on the uncertainties that may cause our actual future results to be materially different than those expressed in our forward-looking statements, including (1) our success in executing and completing asset dispositions or other transactions, including our planned spin-off of our portfolio of energy businesses that are planned to be combined as GE Vernova (Renewable Energy, Power, Digital and Energy Financial Services), and sales of our equity ownership positions in Baker Hughes, AerCap and GE HealthCare, the timing of closing for such transactions, the ability to satisfy closing conditions, and the expected proceeds, consideration and benefits to GE; (2) changes in macroeconomic and market conditions and market volatility, including impacts related to the COVID-19 pandemic, risk of recession, inflation, supply chain constraints or disruptions, rising interest rates, the value of securities and other financial assets (including our equity ownership positions in Baker Hughes, AerCap and GE HealthCare), oil, natural gas and other commodity prices and exchange rates, and the impact of such changes and volatility on our business operations, financial results and financial position and (3) our de-leveraging and capital allocation plans, including with respect to actions to reduce our indebtedness, the capital structures of the three public companies that we plan to form from our businesses, the timing and amount of dividends, share repurchases, organic investments, and other priorities, see https://www.ge.com/investor-relations/important-forward-looking-statement-information, as well as our SEC filings. We do not undertake to update our forward-looking statements.
