General Electric Company (NYSE:GE) plans to spin off Combined Businesses of GE Renewable Energy, GE Power, and GE Digital on November 9, 2021. In related transactions, General Electric Company also plans to spin off GE Healthcare Inc. and GE Aviation System LLC on November 9, 2021. Post completion, General Electric Company intends to list Combined Businesses of GE Renewable Energy, GE Power, and GE Digital as Publicly listed company and the combined business will be renamed as GE Verona. Scott Strazik will be the CEO of the combined Renewable Energy, Power, and Digital business. The transactions are not subject to bondholder consent. The transactions are subject to the satisfaction of customary conditions, including final approvals by GE?s Board of Directors, private letter rulings from the Internal Revenue Service and/or tax opinions from counsel, the filing and effectiveness of Form 10 registration statements with the U.S. Securities and Exchange Commission, and satisfactory completion of financing. Lawrence Culp said Spin-off remains on track in early 2024. As of October, 25, 2023, spin off is expected to close in the beginning of the second quarter of 2024. As of February 15, 2024, General Electric Company announces filing Of Form 10 registration statement for planned spin-off. As of February 29, 2024, the record date is March 19, 2024. As per the terms, General Electric Company shareholders will receive one share of GE vernova for for every four shares of GE common stock held on March 19, 2024. Prior to consummation of the Spin-Off GE Vernova LLC will be converted into a corporation and renamed GE Vernova Inc. GE Vernova will trade as GEV on the New York Stock Exchange (NYSE) following its spin-off, and GE Aerospace will continue to use the GE stock ticker, remaining on the NYSE. The distribution is expected to occur before U.S. market open on April 2, 2024. General Electric Company board approved the transaction and common stock of GE Vernova Inc. has been approved for listing on the New York Stock Exchange under the ticker symbol ?GEV.

Scott A. Barshay, Steven J. Williams and Krishna Veeraraghavan of Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as lead legal counselors. Joe Todd, David Ying and Bo Yi at Evercore Inc. and Paul Taubman and Rob Friedsam of PJT Partners are the lead financial advisors to GE on the transaction. GE also received legal advice from DLA Piper, Andrew Fabens and James Moloney of Gibson, Dunn & Crutcher LLP and financial advice from BofA Securities and Goldman Sachs. Andrew Karp at BofA Securities Inc. and Dusty Philip, Aimee Mungovan and Ed Wittig at Goldman, Sachs & Co., Morgan Stanley, Citibank, The Consello Group, BNP Paribas, and UBS acted as financial advisors to General Electric. Equiniti Trust Company acted as a registrar to General Electric. Ernst & Young LLP acted as accountant to General Electric.

General Electric Company completed the Spin-Off of GE Vernova LLC (NYSE:GEV) on April 2, 2024.