Will there be a GE left when Culp gets done selling pieces off???
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GE shares surge 10% after Danaher agrees to buy biopharma business for $21.4 billion
Danaher will buy the biopharmaceutical business of General Electric in a $21.4 billion deal, the companies announced on Monday.
The deal will see Danaher pay $21 billion in cash, as well as assume certain GE pension liabilities.
The GE Life Sciences unit will join Danaher's Life Science as a standalone business. The GE Biopharma unit is expected to generate about $3.2 billion in revenue this year.
GE shares jumped more than 10 percent in premarket trading from Friday's close of $10.17 a share. Danaher's stock also moved higher, rising 2.2 percent from its previous close of $113.48 a share.
"We are executing on our strategy by taking thoughtful and deliberate action to reduce leverage and strengthen our balance sheet," GE Chairman and CEO Larry Culp said in a statement.
Danaher approached GE with interest in acquiring the Life Sciences business last April, the Wall Street Journal reported, but GE did not pursue a deal at the time. At the time, GE chief financial officer Jamie MIller said GE had been attracting interest on some of its business units but was "looking to do deals that are smart for the company."
The deal's inclusion of some GE pension liabilities will be welcome news to investors. GE has hundreds of thousands of former and current employees covered by pension plans. At the end of 2018, pensions represented $21 billion of GE's $55 billion in industrial debt.
Danaher expects the deal to be complete by the fourth quarter of this year.
https://www.cnbc.com/2019/02/25/danaher-to-buy-the-general-electrics-bio-pharma-business-life-sciences-for-21point4-billion.html