GE Chairman and CEO H. Lawrence Culp, Jr., said, “Completing the sale of BioPharma represents a critical milestone on our multi-year transformation, fortifying our considerable sources to de-risk our balance sheet and continue to solidify our financial position. I am proud of the teams for completing this transaction amidst a great deal of global change. As we go forward, GE retains one of the world’s leading healthcare companies, using our global scale and technical leadership to deliver better outcomes and more capacity to a world striving for Precision Health.”
Under the terms of the transaction agreement, GE received a total consideration of $21.4 billion, including approximately $21 billion in cash as well as Danaher’s assumption of certain pension liabilities. After taking into account deal taxes, deal fees and factored receivable balances, net proceeds to GE totaled approximately $20 billion.
About GE
GE rises to the challenge of building a world that works. For more than 125 years, GE has invented the future of industry, and today the company’s dedicated team, leading technology, and global reach and capabilities help the world work more efficiently, reliably, and safely. GE’s people are diverse and dedicated, operating with the highest level of integrity and focus to fulfill GE’s mission and deliver for its customers.