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GE Puts Debt Cuts in Forefront With $21 Billion Asset Sale

  • Company is selling part of life sciences division to Danaher
  • Bonds, shares rise as cost to protect against default drops
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GE Agrees to Sell BioPharma Unit to Danaher in $21.4 Billion Deal
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General Electric Co. is taking a big step toward its goal of deleveraging its $121 billion debt load by selling part of its fast-growing life sciences division.

The industrial giant agreed to sell its biopharma business to Danaher Corp. for total consideration of $21.4 billion to help pay down debt, according to a statement Monday. The transaction is expected to close in the fourth quarter of this year.