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

Peloton, known for their stationary exercise bikes and treadmills, has faced significant financial challenges over the past year. The company experienced a surge in...

News

Amid the ongoing global supply chain challenges, many retailers in the United States are grappling with surplus seasonal stock, leading to increased storage costs...

News

With the continuous increase in gas prices, a decrease in consumer confidence, and the ongoing conflict in Ukraine, the European economy faces significant challenges....

News

As the demand for electric vehicles grows and the push for environmental sustainability increases, automakers are gearing up to focus more on the development...

News

Today, Brian Armstrong, the CEO of Coinbase, conveyed to his team through a company-wide email that due to declining stock and crypto values and...

News

Recently, Peiter “Mudge” Zatko, a former cybersecurity specialist at Twitter, published a whistleblowing document on the platform. Zatko highlighted several security issues with Twitter,...

News

Zelle is a popular peer-to-peer payment service that allows individuals to send and receive money, similar to apps like Venmo. It is widely used,...

News

Recently, after Chinese President Xi Jinping secured a third term, there was a sharp decline in the stock market in Hong Kong. Investors became...