boston–(business wire)–GE (NYSE: GE) announced the completion of the separation of its healthcare business, launching GE HealthCare Technologies Inc. (“GE HealthCare”), a global leader in precision care. Beginning today, January 4, 2023, GE Healthcare will trade on the NASDAQ under the ticker symbol GEHC.
H. Lawrence Culp Jr., Chairman and CEO of GE and CEO of GE Aerospace, said:The successful spin-off of GE HealthCare marks a pivotal moment in our transformation into three independent companies focused on important and growing sectors. Very proud of the work GE and the GE Healthcare team have done to prepare this amazing business to stand on its own as a leading investment grade company focused on precision care think. ”
Culp continued.We are on track and confident in our plans to unlock the potential of GE Aerospace and GE Vernova as separate companies in early 2024. These two world leaders are driving decarbonization to create a smarter, more efficient future of flight and to address the energy transition. With lean and innovation at our core, we couldn’t have asked for a better future. ”
Holders of GE common stock received one share of GE Healthcare common stock for every three shares of GE common stock they held. The distribution was part of a tax exempt spin-off that resulted in better tax efficiency for his GE shareholders in the US.
GE owns approximately 19.9% of GE Healthcare common stock. Culp he will serve as non-executive chairman of GE Healthcare.
Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor. Evercore, Morgan Stanley and PJT Partners were his primary 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.
For more information, please visit GE’s “Spinoff Resources” page on GE’s Investor Relations website at https://www.ge.com/investor-relations/spinoff-resources.
Forward-looking statements and precautions
This document contains forward-looking statements. That is, they are statements about future events that, by their nature, address matters that are uncertain to varying degrees. Details of uncertainties that could cause actual future results to differ materially from those expressed in forward-looking statements include: (1) the successful execution and completion of asset disposals or other transactions; the portfolio of energy businesses to be combined as GE Vernova (Renewable Energy, Power, Digital and Energy Financial Services) and the sale of our equity holding positions in Baker Hughes, AerCap and GE HealthCare, and the timing of the closing of such transactions; , ability to meet closing conditions, and expected earnings, consideration and benefits to GE. (2) the COVID-19 pandemic, economic recession, inflation, the risk of supply chain constraints or disruptions, rising interest rates, the value of securities and other financial assets (stock ownership of Baker Hughes, AerCap, GE HealthCare, including us; 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 condition; and (3) actions taken to reduce our distressed debt. , the capital structure of the three public companies to be formed from the business, the leverage and capital allocation plan, including the timing and amount of dividends, share buybacks, organic investments and other priorities, https://www.ge See .com/investor-relations/important-forward-Looking-statement-information and our SEC filings We do not undertake to update any forward-looking statements.
1 GE’s energy business portfolio