GE board OKs awaited GE HealthCare spin-off

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General Electric Co. said Wednesday that its board of directors has approved the previously announced spin-off of GE HealthCare, its health care business. GE HealthCare will become a corporation and be renamed GE HealthCare Technologies Inc. The company is expected to begin trading on the Nasdaq on Jan. 4, GE said. The board approved a distribution to GE shareholders of at least 80.1% of the outstanding shares of GE HealthCare, with holders of GE stock entitled to receive one share of GE HealthCare stock for every three shares of GE stock held on Dec. 16, the company said. "Today's announcement marks one of the final milestones for our planned spin-off of GE HealthCare as we move toward launching three independent, industry-leading, and investment-grade companies," Chief Executive Larry Culp said in a statement. GE will retain up to 19.9% of the newly minted company. GE filed for the health-care business spin-off in October; the move is part of the industrial giant's effort to split itself into three separate public companies.