General Electric Board Approves Healthcare Division Spinoff, Likely To Begin Trading On January 4 - GE Ae

General Electric Co's (NYSE:GE) board approved the previously announced spinoff of its healthcare business, GE Healthcare Holding LLC.
Before such a spinoff, GE HealthCare will likely be converted into a corporation and renamed GE HealthCare Technologies Inc.
The company will likely begin trading on Nasdaq on January 4, 2023, under the ticker "GEHC."
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The board approved a distribution to GE shareholders of at least 80.1% of the outstanding shares of GE HealthCare.
Holders of GE common stock will receive one share of GE HealthCare for every three shares of GE held on December 16, 2022, the record date for the distribution.
The distribution will likely occur after the U.S. market closes on January 3, 2023.
Effective upon the spinoff, GE will retain up to 19.9% of the outstanding shares of GE HealthCare.
GE put an initial value of $31 billion on the soon-to-be-public company, the Wall Street Journal reported.
Following the healthcare spinoff, it plans to separate its aerospace business from its power and renewable-energy units.
GE HealthCare, which makes MRI machines and other medical equipment, has about $18 billion in annual revenue, compared with GE's $74.2 billion in 2021.
Culp will be the non-executive chairman of the new board, and Arduini will also be a director.
GE's healthcare division plans to hold an investor day on December 8.
Price Action: GE shares traded higher by 0.30% at $86.23 premarket on the last check Thursday.

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