NEW YORK (360Dx) – Siemens on Monday said that it plans to spin off Siemens Healthineers as a standalone company during the first half of this year.
In a statement, Siemens said that the planned initial public offering of Siemens Healthineers would be completed subject to capital market solutions, and shares of Siemens Healthineers would be listed on the Regulated Market of the Frankfurt Stock Exchange.
Siemens originally disclosed its plans to spin off Siemens Healthineers last month. "While Siemens Healthineers will remain core to Siemens, the IPO will increase its entrepreneurial flexibility and lay the foundation for future growth," Siemens said in a statement.
The company noted that Siemens Healthineers recorded €13.8 billion ($17.04 billion) in revenues in fiscal 2017 with 55 percent of its revenues recurring. The adjusted profit for fiscal 2017 was €2.5 billion. Siemens added that that business' core markets are estimated at more than €50 billion per year and are expected to grow by 3 to 5 percent on average annually between 2016 and 2021.
Deutsche Bank, Goldman Sachs, and JP Morgan are acting as the joint global coordinators in the planned transaction.