By Stephen Nakrosis

General Electric Co. said its board approved the planned spin-off of its healthcare business, GE Healthcare Holding LLC.

The spin-off was announced in Nov. of last year, part of General Electric's plan to split into three public companies.

General Electric said its shareholders will receive one share of the new company, GE HealthCare Technologies Inc., for every three GE shares they hold on December 16. The new company is expected to begin trading on Nasdaq Jan. 4, under the symbol GEHC, General Electric said.

The company also said effective upon the spin-off, it will retain up to 19.9% of the outstanding shares of GE HealthCare common stock.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

November 30, 2022 16:56 ET (21:56 GMT)

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