What was the timing of the spin-offs?
GE executed the tax-free spin-off of GE HealthCare after market close on January 3, 2023, and its common stock began trading on Nasdaq on January 4, 2023. GE executed the tax-free spin-off of GE Vernova before market open on April 2, 2024, and its common stock began trading on NYSE the same day. Following this second spin-off, GE became an aviation-focused company known as GE Aerospace.
Why did GE initially retain approximately a 19.9% stake in GE HealthCare?
GE initially retained approximately a 19.9% stake in GE HealthCare upon its separation to provide further capital allocation flexibility.
Why did GE initially retain approximately a 19.9% stake in GE HealthCare?
GE initially retained approximately a 19.9% stake in GE HealthCare upon its separation to provide further capital allocation flexibility.
Who leads the three independent companies?
• Larry Culp is Chairman and CEO of GE Aerospace.
• Pete Arduini is President and CEO of GE HealthCare, and Larry Culp is non-executive chairman of GE HealthCare.
• Scott Strazik is CEO of GE Vernova and Stephen Angel is non-executive Chairman.
Who is on the Board of Directors for each business?
You can find the Board of Directors for each business at the following links:
• GE Aerospace Leadership
• GE HealthCare Leadership
• GE Vernova Leadership
Why did you retain the GE name and Monogram at each company?
Through thousands of conversations with customers, employees, and others, it became clear that the GE name and our 130-year-old Monogram represented a legacy of innovation, a symbol of trust for our global customers, and an invaluable source of pride for our teams. Each business will continue our mission of building a world that works, and providing our customers with an important reminder of the strengths they value in GE.
How do I find information on my retirement benefits now that the separations are complete?
As part of the separation process, retirement plans were allocated to their respective businesses. Employees maintained any vested pension accrued. Please contact your benefits team for further information.
What is the GE Vernova spin-off?
The spin-off is the mechanism through which GE Vernova separated from GE. In the spin-off, GE distributed to its shareholders all of the outstanding shares of GE Vernova common stock. Holders of GE common stock received one share of GE Vernova common stock for every four shares of GE common stock held as of the close of business on the record date, March 19, 2024 (unless sold prior to April 2, 2024).
Following the spin-off, GE Vernova became an independent, publicly traded company.
Who serves on GE Vernova’s executive team and Board of Directors?
GE Vernova’s global leadership team can be found here.
When did GE Vernova spin-off from General Electric?
The GE Vernova spin-off occurred before the open of U.S. financial markets on April 2, 2024.
What did GE stockholders receive in the proposed spin-off?
Each holder of GE common stock received one share of GE Vernova common stock for every four shares of GE common stock held on March 19, 2024, the record date for the distribution, unless sold prior to April 2, 2024. The distribution applied to all shares of GE common stock held as of the record date, unless sold prior to spin.
What is the exchange and ticker symbol that GE Vernova trades under?
Shares of GE Vernova are listed on the New York Stock Exchange under the ticker symbol “GEV.”
What is the record date for the GE Vernova spin-off?
The record date for the GE Vernova spin-off is close of business on March 19, 2024.
Did the number of shares of GE common stock I own change as a result of the GE Vernova spin-off?
No, the number of shares of GE common stock you own did not change as a result of the GE Vernova spin-off. Unless you sold or otherwise disposed of your shares of GE common stock, your balance before and after the spin-off remains the same.
As a holder of shares of GE common stock as of the record of the GE Vernova spin-off, how were shares of GE Vernova be distributed to me?
If you owned GE common stock as of the record date for the distribution, the shares of GE Vernova common stock that you received in the spin-off should have been issued to your account as follows:
• Registered stockholders: If you own your shares of GE common stock directly, either in book-entry form through an account at GE’s transfer agent (Equiniti Shareowner Services) and/or if you hold paper stock certificates, you are a registered shareholder. In this case, the distribution agent credited the whole shares of common stock you received in the spin-off by way of direct registration in book-entry form to a new account with GE Vernova’s transfer agent. Registration in book- entry form refers to a method of recording share ownership where no physical stock certificates are issued to stockholders, as was the case in the spin-off. You are able to access information regarding your book-entry account for shares of GE Vernova’s common stock at or by calling Equiniti Trust Company, LLC at 1-800-468-9716 (toll free) or 1-651-450-4064 (international).
• “Street name” or beneficial stockholders: If you owned your shares of GE common stock beneficially through a bank, broker, or other nominee, the bank, broker, or other nominee holds the shares in “street name” and records your ownership on its books. In this case, your bank, broker, or other nominee should have credited your account with the whole shares of GE Vernova’s common stock that you received in the spinoff. We encourage you to contact your bank, broker, or other nominee if you have any questions concerning the mechanics of having shares held in “street name.”
How were fractional shares of GE Vernova treated?
Shareholders did not receive fractional shares of GE Vernova in the spin-off. Shareholders instead received cash in lieu of the fractional shares. The distribution agent aggregated all fractional shares into whole shares and sold the whole shares in the open market at prevailing market prices on behalf of those who were entitled to receive a fractional share. The distribution agent then distributed the aggregate cash proceeds of the sales, net of brokerage fees, transfer taxes and other costs, pro rata to these holders (net of any required withholding for taxes applicable to each holder).
How was the GE Vernova distribution ratio calculated/determined?
The distribution ratio was selected so that GE Vernova has an appropriate number of shares outstanding relative to companies of its size and scope on the S&P 500 and in the electric power generation industry.
Did GE retain a stake in GE Vernova?
No, GE did not retain a stake in GE Vernova following spin-off.
What are the tax implications of the GE Vernova spin-off for shareholders (U.S. and non-U.S.)?
The distribution of GE Vernova common stock was tax-free to holders of GE common stock for U.S. federal income tax purposes. Foreign, as well as U.S. stockholders, should contact their own tax advisor with respect to the U.S. federal, state and local, and foreign tax consequences of the distribution.
How is the cost basis of my GE shares affected by this distribution, and what is the cost basis of my GE Vernova shares?
GE shareholders are required to allocate the aggregate tax basis in their GE common stock held immediately before the spin-off between their GE common stock held immediately after the spin-off and the GE Vernova common stock received in the spin-off (including any fractional share of GE Vernova common stock for which cash was received) in proportion to their relative fair market values on the date of the spin-off. GE shareholders are urged to consult their tax advisors regarding the allocation of their aggregate adjusted tax basis among shares of GE and GE Vernova common stock.
To view GE Form 8937, click here
To view GE Form 8937 attachment, click here
Where can I find more information about the GE Vernova spin-off?
If you have any questions relating to the mechanics of the distribution of shares of GE Vernova common stock in connection with the spin-off, you should contact:
Equiniti Trust Company, LLC
Website: http://www.shareowneronline.com
Phone: + 800-468-9716 or +1 651 450 4064 (international number)
Address: P.O. Box 64854, St. Paul, MN 55164-0854
Questions related to GE Vernova common stock should be directed to [email protected] .