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GE CEO John Flannery (left) with former GE CEO Jeff Immelt (right). Photo by Stepanie de Sakutin/AFP/Getty Images).

General Electric said Tuesday that it plans to spin off its health care business and sell its 62.5% stake in oil services company Baker Hughes. It also wants to "materially shrink the balance sheet of GE Capital" by selling $25 billion of energy and industrial finance assets by 2020.

Why it's a big deal: Because GE's prior de-conglomerizing, including yesterday's $3.25 billion sale of its distributed power unit, was just a palate cleanser. This is the main course, and it's got all the fixin's.

Deal details: GE will sell 20% of the health unit, which reported $19 billion in 2017 sales, and spin off the remainder to GE shareholders via a tax-free transaction. The Baker Hughes sales will occur over the next two to three years. Baker Hughes has a current market cap of $40.5 billion.

More from CNNMoney's Matt Egan: "The health care spin off marks a major shift by GE, which had previously said health care would remain one of its three big businesses. The division makes MRI machines and sells other medical equipment to hospitals and labs. It raked in $19.1 billion of revenue last year, accounting for 16% of the company's total sales."

Go deeper

USAID chief tests positive for coronavirus

An Air Force cargo jet delivers USAID supplies to Russia earlier this year. Photo: Mikhail Metzel/TASS via Getty Images

The acting administrator of the United States Agency for International Development informed senior staff Wednesday he has tested positive for coronavirus, two sources familiar with the call tell Axios.

Why it matters: John Barsa, who staffers say rarely wears a mask in their office, is the latest in a series of senior administration officials to contract the virus. His positive diagnosis comes amid broader turmoil at the agency following the election.

Bryan Walsh, author of Future
4 hours ago - Health

COVID-19 shows a bright future for vaccines

Illustration: Annelise Capossela/Axios

Promising results from COVID-19 vaccine trials offer hope not just that the pandemic could be ended sooner than expected, but that medicine itself may have a powerful new weapon.

Why it matters: Vaccines are, in the words of one expert, "the single most life-saving innovation ever," but progress had slowed in recent years. New gene-based technology that sped the arrival of the COVID vaccine will boost the overall field, and could even extend to mass killers like cancer.

6 hours ago - Health

Beware a Thanksgiving mirage

Illustration: Sarah Grillo/Axios

Don't be surprised if COVID metrics plunge over the next few days, only to spike next week.

Why it matters: The COVID Tracking Project warns of a "double-weekend pattern" on Thanksgiving — where the usual weekend backlog of data is tacked on to a holiday.

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