Sector News

GE Healthcare to sell IT unit to Veritas for $1.05 billion

April 3, 2018
Life sciences

General Electric Co’s healthcare unit said on Monday it would sell its information technology business to private equity firm Veritas Capital for $1.05 billion in cash as it sharpens its focus on smart diagnostics and connected devices.

The transaction is expected to close during the third quarter of 2018.

GE said in February it had a “line of sight” on the first $4 billion in asset sales under its plans for $20 billion in disposals, as it tries to shore up its financial performance.

As part of the plan, the company is looking to sell its transportation unit, which makes railway locomotives and the iconic lighting division that makes bulbs for consumers.

Morgan Stanley and Keval Health are GE’s financial advisers, while Goldman Sachs & Co. and William Blair & Co advised Veritas Capital.

Shares of the U.S. industrial conglomerate were down 2.6 percent at $13.14 in line with the broader Dow Jones Industrial Average which fell 2 percent on Monday.

By Sanjana Shivdas

Source: Reuters

comments closed

Related News

January 23, 2022

UCB to acquire Zogenix

Life sciences

UCB (Euronext: UCB) and Zogenix (NASDAQ: ZGNX) announced that the companies have entered into a definitive agreement under which UCB would acquire Zogenix, Inc., a global biopharmaceutical company commercializing and developing therapies for rare diseases.

January 23, 2022

argenx announces VYVGART™ approval in Japan for the treatment of generalized myasthenia gravis

Life sciences

argenx SE, a global immunology company committed to improving the lives of people suffering from severe autoimmune diseases, announced that Japan’s Ministry of Health, Labour and Welfare (MHLW) has approved VYVGART™ (efgartigimod alfa) intravenous infusion for the treatment of adult patients with generalized myasthenia gravis (gMG) who do not have sufficient response to steroids or non-steroidal immunosuppressive therapies (ISTs).

January 23, 2022

GlaxoSmithKline rejects Unilever’s $68B consumer health buyout offer, but a bigger bid is brewing

Life sciences

GSK has rejected three offers from Unilever to buy GSK’s consumer health unit, the company said Saturday. The latest offer from the fellow U.K. consumer goods giant, received Dec. 20 for a total value of 50 billion pounds ($68 billion), “fundamentally undervalued” the business and its prospects, GSK said.

Send this to a friend