GE and Danaher Satisfy All Required Regulatory Clearances for BioPharma Transaction; Expect to Close on March 31, 2020
BOSTON--(BUSINESS WIRE)-- GE (NYSE:GE) announced that, together with Danaher Corporation (NYSE:DHR) (“Danaher”), it has entered into a consent decree agreement with the U.S. Federal Trade Commission (the “FTC”) in connection with GE’s definitive agreement to sell its BioPharma business to Danaher for approximately $20 billion of net proceeds. GE currently expects to close the transaction on March 31, 2020.
GE Chairman and CEO H. Lawrence Culp, Jr., said, “Today’s update represents a critical milestone on our journey to transform GE. The value from this transaction will fortify our considerable sources to de-risk our balance sheet and continue to solidify our financial position. As we navigate this challenging external environment, we are focused on protecting the safety of our people, serving our customers in this critical time of need, and continuing to strengthen our businesses.”
The acceptance by the FTC satisfies all required antitrust clearances needed to be obtained for the transaction. In addition to the FTC, the transaction has also been cleared by the European Commission and the Brazilian, Chinese, Israeli, Japanese, Korean, and Russian antitrust authorities. The closing of the acquisition remains subject to other customary closing conditions set forth in the purchase agreement. The transaction is not subject to a financing condition or a shareholder vote.
Caution Concerning Forward-Looking Statements
This document contains forward-looking statements – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. For details on the uncertainties that may cause our actual future results to be materially different than those expressed in our forward-looking statements, see https://www.ge.com/investor-relations/important-forward-looking-statement-information, as well as our annual report on Form 10-K. We do not undertake to update our forward-looking statements.
GE (NYSE:GE) rises to the challenge of building a world that works. For more than 125 years, GE has invented the future of industry, and today the company’s dedicated team, leading technology, and global reach and capabilities help the world work more efficiently, reliably, and safely. GE’s people are diverse and dedicated, operating with the highest level of integrity and focus to fulfill GE’s mission and deliver for its customers. www.ge.com
GE’s Investor Relations website at www.ge.com/investor and our corporate blog at www.ge.com/reports and @GE_Reports on Twitter, as well as GE’s Facebook page and Twitter accounts, contain a significant amount of information about GE, including financial and other information for investors. GE encourages investors to visit these websites from time to time, as information is updated and new information is posted.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200319005849/en/
View this news release online at: