1:47 PM, Apr 2, 2018 — General Electric (GE) said its GE Healthcare branch sold off a part of its business to private equity firm Veritas Capital in a $1.05 billion deal, according to a statement on Monday.
A Veritas affiliate agree to buy the Enterprise Financial Management, Ambulatory Care Management, and Workforce Management assets that comprise GE Healthcare’s Value-Based Care Division for cash, the companies said.
“With Veritas’ support and resources, we are excited to continue deepening our commitment and capabilities to help healthcare providers manage their financial, clinical, and employee workflows across the continuum of care,” said Jon Zimmerman, vice president and general manager of value-based care solutions at GE Healthcare.
For Veritas, the deal gives it the ability to “take advantage of a $9 billion market that continues to benefit from favorable sector trends, particularly a real and urgent need to digitalize our healthcare system,” said Chief Executive Officer Ramzi Musallam.
GE Healthcare is the arm of the industrial conglomerate that provides medical technologies and services, from ultrasounds to delivery of anesthesia. It will “continue to significantly invest in core digital solutions, such as smart diagnostics, connected devices, AI and enterprise imaging,” said CEO Kieran Murphy.
The deal is expected to wrap up during the third quarter of this year.
Companies: General Electric Company
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