General Electric Shares Rise As It Completes Spin-off Of GE Healthcare Technologies

(RTTNews) - Shares of General Electric Company (GE) are gaining over 2% on Wednesday morning after the company announced it has completed the separation of its healthcare business, launching GE HealthCare Technologies Inc.

GE is currently trading at $67.85, up $1.54 or 2.32%, on the NYSE. The stock opened its trading at $84.05 after closing previous day's trading at $66.31. The stock has traded between $59.93 and $103.73 in the past 52-week period.

Starting January 4, 2023, GE HealthCare will trade on Nasdaq under the ticker symbol "GEHC". The company has also been included in the S&P 500, replacing Vornado Realty Trust, which moves to the S&P MidCap 400.

This is the first step in the splitting up of General Electric into three separate businesses. GE's health care unit makes about $18 billion in annual revenue from MRI imaging, ultrasounds, and pharmaceutical diagnostics and currently has a valuation of $31 billion.

Holders of GE common stock received one share of GE HealthCare common stock for every three shares of GE common stock held. The distribution was part of a tax-free spin-off, resulting in tax efficiency for GE shareholders in the U.S.