Connect with us

Hi, what are you looking for?

Stocks

GE Makes Deal to Sell Biopharma Business to Danaher

General Electric announced plans on Monday to sell its biopharma business for $21.4 billion to Danaher. When Danaher approached GE about the deal last year, they were rejected.

Since mid-2016, General Electric has been going through broad reorganization. Shares plummeted 67% in the past 2.5 years. GE stock has recently seen a 60% increase, however. After news of the Danaher deal, stock prices went up another 6%.

The $21.4 billion deal is Danaher’s largest ever acquisition. Analysts say that Larry Culp’s new position at General Electric following his role of CEO at Danaher from 2000 until 2014 was a necessary part of pushing the deal through. Culp officially took his new position as CEO of the 127-year-old General Electric company in October 2018.

Last summer, GE lost its place as a component of the Dow Jones industrial average. Danaher shares were trading a bit lower last week at $122.50 per share. GE shares continue to rise, hovering around $10.59 per share.

Earning a total of $8 billion in assets during the fourth quarter of 2018 helped GE boost its shares by 18% during that time period. The broad consensus on Wall Street is that the restructuring plan will continue to produce positive results for General Electric.

You May Also Like

News

In the past year, Peloton, manufacturers of stationary exercise bicycles and treadmills, has been experiencing some severe financial difficulties. The company went through a...

News

While the ongoing supply chain problems affecting the global economy have had the expected effects, they’ve also had some decidedly unexpected effects. Specifically, many...

News

As gas prices continue to rise and consumer confidence drops, not to mention the ongoing war in Ukraine, the European economy is taking a...

News

As the environmental need for electric vehicles becomes more pressing, and the car-buying public becomes more eager for them, automotive manufacturers are getting ready...

News

This morning, Coinbase CEO Brian Armstrong sent a mass email out to his company informing everyone that, as stock and crypto prices slip and...

News

Last week, a former cybersecurity expert for Twitter, Peiter “Mudge” Zatko, released a whistleblower report on the social platform. In his report, Zatko cited...

News

Zelle is a peer-to-peer payment app and service that can be used by individuals to send and receive money, in a similar vein to...

News

Earlier this week, following the third-term victory of Chinese President Xi Jinping, market shares in Hong Kong experienced a sudden, violent sell-off. Xi’s controversial...