General Electric surged 15.57% early Monday after the company announced plans to sell its biopharma business for $21.4 billion.
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GE's stock soars after deal to sell biopharma business to Danaher for $21.4 billionShares of General Electric Co. shot 8.8% in premarket trade Monday, after the industrial conglomerate agreed to sell its biopharma business to Danaher Corp. for $21.4 billion in cash. "Today's transaction is a pivotal milestone," said GE Chief Executive Lawrence Culp. "It demonstrates that we are executing on our strategy by taking thoughtful and deliberate action to reduce leverage and strengthen our balance sheet." Culp had served as CEO of Danaher from 2001 to 2014. Danaher said it expects to finance the deal with $3 billion from an equity offering, cash on hand and the issuance of debt. Danaher expects the deal, which is expected to close in the fourth quarter of 2019, to reduce net earnings by share by $1.15 to $1.20 in the first full year, but add to adjusted EPS by about 45 cents to 50 cents. GE's stock has soared 34.4% over the past three months through Friday, while Danaher shares have climbed 10.8% and the Dow Jones Industrial Average has gained 7.2%.
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GE to Sell BioPharma Business to Danaher for $21.4 BillionGeneral Electric to sell biopharma unit to Danaher for $21.4 billion, part of a strategy to reduce leverage and boost its balance sheet
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Kraft Heinz reportedly considers selling Maxwell House businessKraft Heinz Co. may sell its Maxwell House coffee business, CNBC reported Sunday, and has hired investment bank Credit Suisse to explore its options. CNBC reported a sale could be priced at $3 billion or more. Sources told CNBC that Maxwell House could be the first of several divestitures as the food giant looks to streamline itself. Kraft Heinz shares plunged 27% on Friday, their worst trading day ever, after reporting disappointing fourth-quarter earnings Thursday.
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