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GE Spins Off GE Vernova, Launches GE Aerospace
- Client News
- April 2, 2024
Paul, Weiss advised General Electric Company in its spin-off of energy company GE Vernova Inc. and launch of GE Aerospace. Following the completion of the GE Vernova spin-off, GE Aerospace launched as an independent, investment-grade public company.
The transactions complete General Electric’s separation, first announced in 2021, into three independent public companies, including GE’s spin-off of GE Healthcare Technologies. Paul, Weiss has advised GE on all of the transactions.
Under the spin-off transaction, each holder of GE common stock received one share of GE Vernova common stock for every four shares of GE common stock held on March 19, 2024. GE Vernova began trading on the New York Stock Exchange under the ticker symbol GEV, and GE Aerospace under the GE symbol.
GE Vernova is a purpose-built global energy company that includes Power, Wind, and Electrification segments; GE Aerospace is a global leader in propulsion, services and systems.
The Paul, Weiss team on the GE Vernova and GE Aerospace transactions included corporate partners Steven Williams, Scott Barshay, John Kennedy, Christodoulos Kaoutzanis, Andrew Krause, Caith Kushner and Thomas de la Bastide and counsel Jason Tyler, Frances Mi and Anya Richter Hodes; intellectual property partners Jonathan Ashtor and Bonnie Chen; executive compensation partners Jean McLoughlin, Jarrett Hoffman and Rebecca Coccaro and counsel Cindy Akard; litigation partners Brette Tannenbaum, Lewis Clayton and Audra Soloway and counsel Steven Herzog, Jonathan Hurwitz and Amy Barton; real estate partner Peter Fisch and counsel Andrew Wurzburger and Barry Langman; restructuring partner Alice Eaton; tax partners Jeffrey Samuels and Brian Krause and counsel Patrick Karsnitz and Alyssa Wolpin; antitrust counsel Yuni Sobel; environmental counsel William O’Brien; and ESG counsel Annise Maguire.