Danaher To Buy G.E’s Biopharmaceutical Unit In $21.4 Billion Deal
In a drastic move take to pay down debt and stabilize the business, General Electric(G.E) have Agreed to sell its biopharmaceutical business to Danaher in a deal valued at $21.4 billion. The pact involves a $21 billion in cash transaction, also Danaher’s assumption of certain pension liabilities of G.E.
Once, General Electric was Known as one of the titan’s of American business. Under a succession of leaders, the company has frequently announced the sale of its numerous divisions, diminishing down operations and sales.
Executives of General Electric told earlier that they have planned to sell off its health care division which includes the biopharmaceutical unit, which sells equipment and software to biotechnology companies and will sell their stake in a big oil field services business, Baker Hughes.
Ironically, Last Year General Electric earned about $3 billion of the $20 billion revenue form its biopharmaceutical business. The executives from General Electric stated that companies biopharma unit which focuses on making medical-imaging machines and other equipment for health care providers was not a core part of its main division.
Thomas P. Joyce Jr. chief executive of Danaher later stated that G.E. Biopharma business is renowned by us for providing
the best in class bioprocessing technologies and solutions.By the end of the year, the Deal is expected to close.
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