GE CEO reaffirms plan to float up to half of healthcare

By staff writers

February 1, 2019 -- The CEO of GE this week reaffirmed that the company plans to float almost half of GE Healthcare on the public market while retaining a controlling interest.

In an interview with CNBC, Larry Culp said GE plans to sell "up to just under" 50% of GE Healthcare, confirming a proposal he originally floated in November. The size of the position is more than twice what GE announced in June 2018, when it said it would sell 20% of the healthcare division in an effort to raise cash.

The amount of the position sold is key to maintaining the transaction as a tax-free distribution to GE shareholders, Culp told CNBC in November.

GE has already filed paperwork for an initial public offering of GE Healthcare. The company reported this week that the healthcare division produced strong fourth-quarter and year-end results as it "continues to prepare for separation."

Copyright © 2019

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