General Electric has announced the details of its healthcare division spinoff set for the beginning of the new year.
The soon-to-be-public company is being valued at roughly $31 billion, according to the Wall Street Journal.
Current GE shareholders would get one share in the new GE HealthCare Technologies Inc. for every three shares they hold.
The separation is set for Jan. 3 after the markets close, and the new shares will trade on Nasdaq under the symbol GEHC.
GE AIMS FOR EARLY JANUARY SPINOFF FOR HEALTH CARE COMPANY
GE HealthCare makes MRI machines and other medical equipment and has about $18 billion in annual revenue, compared with GE's $74.2 billion in 2021.
GE's CEO Larry Culp will be nonexecutive chairman of the new board, and GE HealthCare CEO Peter Arduini will also be a director.
General Electric first announced plans in November 2021 to split into three separate public companies by early 2024.
GE UNVEILS NEW COMPANY BRAND NAMES AHEAD OF HISTORIC SPLIT
Following the healthcare spinoff, it plans to separate the aerospace business from its power and renewable-energy units.
The company's portfolio of energy businesses - GE Renewable Energy, GE Power, GE Digital, and GE Energy Financial Services - will be spun off in early 2024 under the name GE Vernova.
CLICK HERE TO READ MORE ON FOX BUSINESS
Following the spinoffs, GE will become an aviation focused company called GE Aerospace.