Excluding the biopharma business, GE Healthcare in 2018 generated about $17 billion in revenue.
General Electric shares closed higher for a second consecutive trading session in NY on Monday.
The sell-off throws cold water on the giant's plans to spin out GE Healthcare through an IPO, Culp said in a Monday interview with Bloomberg. The company's shares have risen about 34 percent since the beginning of the year, but are still down nearly 30 percent from a year ago.
The announcement also further eased concerns about GE's solvency that had grown markedly a year ago, reflected in a surge in the price for GE credit default swaps (CDS) during the fourth quarter, a form of insurance against default. GE is expected to report its 2019 outlook at an earnings call scheduled on March 14. GE will receive cash proceeds of about $21 billion while also transferring certain pension liabilities to Danaher.
The purchase is also the biggest yet for Danaher, which has a history of deal-making, and half of its revenue has come from companies it has acquired in the past seven years.
Danaher first approached GE almost a year ago about buying BioPharma. "To do this, we are improving execution, customer focus, and how we set priorities across GE".
The transaction allows the company to slim down further, and covers instruments and software that support research and development of biopharmaceutical drugs, a business that comprises about 15 per cent of the revenues of GE's health sector. Last year, it bought Integrated DNA Technologies, a gene-sequencing and editing company, for $2 billion. It will continue to operating as a stand-alone company once the deal is complete.
GE also said that weakness in the GE Power unit meant it would miss its 2018 free cash flow and earnings guidance target, with the company taking a $23 billion goodwill charge to the Power division. But its stance changed after Culp was appointed CEO and GE board's became more open to a deal, according to people familiar with the negotiations who requested anonymity to discuss them. "We are retaining full flexibility for growth and strategic optionality with one of the world's leading healthcare companies, and we are pleased that our biopharma colleagues will join a strong, established team at Danaher", GE chairman and CEO H Lawrence Culp, Jr said.
Investors apparently agree, as Danaher stock - which had gained 7.8% by 11:40 a.m. EST - is going up in tandem with GE's. "It's unlikely we would do something here in the near to medium term", Culp said.
The report came days after Russian President Vladimir Putin warned the US against deploying intermediate-range missiles in Europe. It does not have any ground-based intermediate-range nuclear missiles that it could place in Europe.
I just don't want testing. "As long as there's no testing, we're happy", Trump told a gathering of governors at the White House. But it's not clear if North Korean leader Kim Jong Un sees it that way, as VOA's Bill Gallo reports from Hanoi.
The Jaish-e-Mohammad (JeM) militant group claimed responsibility for the February 14 attack on Indian security forces. Indian air force spokesperson Anupam Banerjee in New Delhi said he had no information on Pakistan's statement.
The Auburn Hills, Michigan-based automaker estimates this investment will create about 6,500 jobs in the Great Lakes State. President Donald Trump, have blasted GM for the decision, which is likely to close those plants.
Dhoni made a decision to take only eight singles in the final three overs while batting alongside No.8 batsman Yuzvendra Chahal. Umesh Yadav was rusty as he did not hit the right spots and was picked for runs by Jhye Richardson and Pat Cummins .
Snapdragon 8cx 5G is now sampling to Windows OEMs and you can expect to see them in commercial devices by late 2019. On December 5, 2018, Qualcomm Technologies announced the first commercial 5G mobile platform , Snapdragon 855 .
Both players were aggressive from the start and it was Albot who drew first blood, breaking to take a 2-1 lead. Even if Albot managed to recover some ground he still faced 2 consecutive match points when he was 4-6 down.
There is also a Qualcomm 2x2 Wi-Fi 6-ready chipset built in for next-generation performance when matched with supported devices. More details on the new HTC 5G Hub and full specifications jump over to the official HTC website by following the link below.
Blizzard has officially announced the New Overwatch Hero Baptiste, a former Talon operative and deadly combat medic. Talon plans to track him down and "talk some sense into him", and if that fails, the orders are to kill him.
Ariana Grande is now the most followed woman on Instagram
Ariana Grande now has 146,258,213 followers to Gomez's 146,257,849 followers (well, it's definitely changed since then hasn't it). Even after her social media comeback, Gomez has made a conscious decision to post very rarely on her account.
Porsche's Best-Selling Model Going Electric In 2022
The Porsche vehicle will be produced at the Leipzig, Germany production plant where the Macan has been produced since 2014. Production of the second-generation Macan EV is expected to begin "at the start of the next decade", Porsche says.
Pakistan shot down Two Indian Jets :ISPR
Both the pilots - Squadron leader Negi and Squadron leader Abrol - of the fighter aircraft had died in the Mirage 2000 crash. This is emerging as a serious concern for the Indian Air Force as there have been 30 crashes in the last four years.
Chinese stocks surge after Trump postpones tariffs
In Oval Office meeting today, the Chinese committed to buy an additional 10 million metric tons of US soybeans. Trump raised duties in response to complaints China steals or pressures companies to hand over technology.
Volkswagen T-Roc R unveiled
Developed by Volkswagen R, the T-Roc R gets a 2-litre four-cylinder TSI engine with an output of 296 bhp and a torque of 400 Nm. But despite how popular that segment is in the U.S., Volkswagen also made it clear that the T-Roc won't be sold here .
Huawei refreshes Matebook X Pro notebook
You can find him at your local pro wrestling events, and wondering why Apple made a decision to ditch its MagSafe power adapters. Upon taking a close look at the Huawei MateBook X Pro , this isn't the one to upgrade to if you already own last year's model.
Three Resident Evil classics land on Nintendo Switch on May 21
Capcom on Twitter said that Resident Evil , Resident Evil 0 and Resident Evil 4 will debut on the Nintendo Switch eShop on May 21. It's likely Resident Evil 4 will be released on a card in Japan, but we've yet to see official confirmation of that.