General Electric Co (NYSE:GE) shares are moving Wednesday after the company completed the separation of its healthcare business, launching GE HealthCare Technologies Inc (NASDAQ:GEHC).
What Happened: GE has completed its previously announced spin off of its healthcare unit. GE HealthCare is set to begin trading on the Nasdaq under the ticker symbol “GEHC,” effective at the market opening.
Holders of GE common stock received one share of GE HealthCare common stock for every three shares of GE stock held. GE will retain approximately 19.9% of GE HealthCare shares. GE chairman and CEO Lawrence Culp will serve as non-executive chairman of GE HealthCare.
GE’s healthcare business invests more than $1 billion in R&D annually and generates approximately $18 billion in revenue. The company expects its addressable markets to expand from $84 billion to $102 billion by 2025.
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GE Price Action: GE shares are down 21.2% at $67 Thursday morning following the spin off, according to Benzinga Pro.
Photo: Michal Jarmoluk from Pixabay.
