Van Campen Liem congratulates General Electric Company with the separation of its Power, Wind and Electrification businesses, launching GE Vernova Inc. (“GE Vernova“), a global leader driving electrification and decarbonization. Following the spin-off of GE Vernova, GE Aerospace launches as an independent, public company, completing the transformation of GE into three independent, investment-grade industry leaders (which started with the separation of GE HealthCare Technologies Inc. on January 4, 2023).
Starting April 2, 2024, GE Vernova will trade on the Nasdaq under the ticker symbol “GEV”. Building on over 130 years of experience tackling the world’s challenges and with approximately 54,000 wind turbines and 7,000 gas turbines, GE Vernova’s technology base helps generate approximately 30% of the world’s electricity and is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it. GE Vernova generated approximately $33 billion of revenue in 2023.
Starting April 2, 2024 GE Aerospace will trade on the Nasdaq under the ticker symbol “GE”. With an installed base of approximately 44,000 commercial engines and approximately 26,000 military and defense engines around the world, GE Aerospace launches as an established global leader in propulsion, services, and systems. GE Aerospace generated approximately $32 billion of revenue in 2023, with 70% generated by services.
The separation was effected by distribution of all shares of GE Vernova’s common stock to GE shareholders, whereby holders of GE common stock were entitled to receive one share of GE Vernova common stock for every four shares of GE common stock held on March 19, 2024.
Van Campen Liem has assisted General Electric Company as Dutch legal counsel in connection with the above separation. The Van Campen Liem team in Amsterdam that has intensively worked for one and a half year on the transaction included Edwin Liem, Anna Zhu and Giti Navabi.