GE to sell $2B stake in GE Health Care Technologies
General Electric plans to sell a roughly $2 billion stake in GE HealthCare Technologies, about 28 million shares, in a debt-for-equity exchange, according to a regulatory filing.
Why it matters: The sale represents the latest step in the unwinding of GE and medical technology company GE HealthCare.
Details: Under the agreement, the debt-for-equity exchange is expected to swap 28.75 million GE HealthCare shares for debt held by affiliates of Morgan Stanley, according to a Reuters report.
- Evercore ISI, Morgan Stanley, BofA Securities, Citigroup and Goldman Sachs are joint lead book-runners for the offering.
- GE stock was down 0.86%, while GEHC rose 0.22% on Tuesday morning from where it closed on Monday.
- GE did not respond to a request for comment.
Flashback: After spinning out from GE, GE Healthcare in January acquired French CT guidance developer Imactis.
- The company followed that deal with an acquisition of AI-guided heart ultrasound company Caption Health in February.