News | Cardiovascular Business | December 19, 2018

GE Submits Initial Public Offering Paperwork for Healthcare Division

Public filing likely in spring 2019 as international conglomerate continues spin-off of healthcare division

GE Submits Initial Public Offering Paperwork for Healthcare Division

December 19, 2018 — As part of its plans to spin off its healthcare division into a separate company, GE reportedly submitted the paperwork Dec. 19 for an initial public offering (IPO) of the standalone company. Inside sources familiar with the situation told Bloomberg that the public filing will likely happen in spring 2019. Numerous sources reported that the news caused a significant jump in the parent company’s stock price.

GE announced the pending spin off of its healthcare division in June, which the company said would take two to three years to complete. The industrial giant has experienced turmoil in recent years as its profits have continuously fallen. The financial difficulties have led to numerous changes in upper management, including the replacement of its CEO twice in less than 18 months.  

The healthcare division has been one of the most profitable sectors for GE, bringing in $3.5 billion in revenue in 2017 on $19 billion in sales, according to Bloomberg. The life-sciences division accounts for approximately 25 percent of the company’s sales as well.

Goldmans Sachs, Bank of America, Citigroup, JPMorgan Chase and Morgan Stanley are reportedly working with GE on the IPO.

“GE Healthcare’s vision is to drive more individualized, precise and effective patient outcomes. As an independent global healthcare business, we will have greater flexibility to pursue future growth opportunities, react quickly to changes in the industry and invest in innovation. We will build on strong customer demand for integrated precision health solutions and great technology with digital and analytics capabilities as we enter our next chapter,” said GE Healthcare President and CEO Kieran Murphy following the spinoff announcement in June. Murphy will continue to lead the standalone GE Healthcare.

For more information: www.gehealthcare.com

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