GE Board of Directors Approves Separation of GE HealthCare
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.
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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.
GE HealthCare Investor Day
As previously announced, GE HealthCare will host an investor day on Thursday, December 8, 2022, in New York, NY. GE HealthCare’s management team will present its growth strategies and a showcase of its innovative solutions. Investors, media, and members of the general public are invited to learn more about the pending spin-off at https://www.ge.com/investor-relations/spinoff-resources. Future updates to the Form 10 will be filed with the SEC and may be viewed at www.sec.gov as filings under GE HealthCare’s current name, GE Healthcare Holding LLC. The Form 10 filed on November 18, 2022, is subject to change and will be made final prior to the effective date.