BOSTON--(BUSINESS WIRE)--GE (NYSE:GE) announced today the completion of the sale of its BioPharma business to Danaher Corporation (NYSE: DHR) for approximately $20 billion of net proceeds.

GE Chairman and CEO H. Lawrence Culp, Jr., said, “Completing the sale of BioPharma represents a critical milestone on our multi-year transformation, fortifying our considerable sources to de-risk our balance sheet and continue to solidify our financial position. I am proud of the teams for completing this transaction amidst a great deal of global change. As we go forward, GE retains one of the world’s leading healthcare companies, using our global scale and technical leadership to deliver better outcomes and more capacity to a world striving for Precision Health.”

Under the terms of the transaction agreement, GE received a total consideration of $21.4 billion, including approximately $21 billion in cash as well as Danaher’s assumption of certain pension liabilities. After taking into account deal taxes, deal fees and factored receivable balances, net proceeds to GE totaled approximately $20 billion.

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