GE spins off healthcare unit as a standalone company

GE Healthcare will become standalone company following a year-long strategic review by General Electric CEO John Flannery. The healthcare spinoff will be completed in the next 12-18 months, GE said in an announcement on Tuesday. It comes less than three months after the company sold off its health IT unit for $1 billion. Keiran Murphy, who currently serves as GE Healthcare’s president and CEO, will continue in his role at the independent company. GE expects to cash out 20% of its interest in the healthcare business and distribute the remaining 80% to shareholders.