GE has closed the sale of its biopharma unit to science and technology company Danaher for $21.4 billion, of which GE will receive ~$20 billion after related fees.
“Completing the sale of BioPharma represents a critical milestone on our multi-year transformation, fortifying our considerable sources to de-risk our balance sheet and continue to solidify our financial position… As we go forward, GE retains one of the world’s leading healthcare companies, using our global scale and technical leadership to deliver better outcomes and more capacity to a world striving for Precision Health.”
GE Chairman and CEO H. Lawrence Culp, Jr
The completion of the deal is critical because it provides much-needed liquidity as GE tries to pay down its massive debt pile and weather the uncertain financial conditions caused COVID-19.