Shares of GE's health care spinoff make trading debut on Nasdaq
GE unveiled its plans to spin off the health care division in 2021
Trading of GE HealthCare Technologies shares kicked off Wednesday morning, marking its debut as an independent company from General Electric.
GE HealthCare’s stock was trading at a price of roughly $59 on Nasdaq as of 2:30 p.m. Eastern time Wednesday.
Its ticker symbol is GEHC.
In a press release Wednesday, General Electric said it had completed its spinoff of GE HealthCare after the closing bell Tuesday. As part of the separation, GE common stockholders "received one share of GE HealthCare common stock for every three shares of GE common stock held," it said.
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In this photo illustration, the GE HealthCare logo is displayed on a smartphone screen in Brazil Oct. 12, 2022. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images / Getty Images)
Peter Arduini serves as the newly-independent company’s CEO. GE CEO H. Lawrence Culp Jr. holds the position of non-executive chairman at GE HealthCare.
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Nasdaq’s opening bell in the morning was rung by Arduini and GE HealthCare workers, according to the stock exchange.
"Today is an incredibly exciting day for GE HealthCare as we become an independent company and start a new chapter advancing our position as a global leader in precision care," Arduini said in a statement.
General Electric Co. logos are displayed on the outside of enclosed jet engine test tunnels at the GE Aviation Test Operations facility in Peebles, Ohio, April 14, 2015. (Luke Sharrett/Bloomberg via Getty Images / Getty Images)
The General Electric logo is seen through a magnifier in this illustration from Nov. 9, 2021. (REUTERS/Dado Ruvic / Reuters Photos)
GE’s plans to split into three independent companies focusing on health care, aviation and energy were first unveiled in November 2021.
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The multinational conglomerate’s portfolio of energy units will become an independent company called GE Vernova next year. Meanwhile, the planned aviation-focused company will be GE Aerospace.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GEHC | GE HEALTHCARE TECHNOLOGIES INC. | 78.26 | +2.02 | +2.65% |
| GE | GE AEROSPACE | 159.69 | -2.06 | -1.27% |
GE holds about 20% of GE HealthCare shares, according to a press release from the newly-listed company.