GE Board Approves Proposed Spin-off Of GE HealthCare

(RTTNews) - General Electric Co. (GE) announced Thursday that its Board of Directors has approved its proposed spin-off of its healthcare business, GE Healthcare Holding LLC.

Prior to such spin-off, GE HealthCare would 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".

Following the spin-off, GE will retain up to 19.9% of the outstanding shares of GE HealthCare common stock.

To effect the separation, GE's Board approved a distribution to GE shareholders of at least 80.1% of the outstanding shares of GE HealthCare.

The company noted that its stock holders will be entitled to receive one share of GE HealthCare stock for every three GE shares owned on December 16, the record date for the distribution.

The distribution is expected to occur after U.S. market close on January 3.

GE Chairman and CEO, GE Aerospace CEO, 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."