Deals
GE’s $16.7 Billion NBC Windfall Boosts M&A Flexibility
This article is for subscribers only.
General Electric Co.’s $16.7 billion payday from the sale of its stake in NBC Universal gives Chief Executive Officer Jeffrey Immelt more room to make acquisitions as he focuses on industrial growth.
GE is already using much of the proceeds from the sale to buy back its stock, boosting repurchases this year to $10 billion. The Fairfield, Connecticut-based company said in a statement yesterday that its board voted to increase the size of a share repurchase plan to $35 billion, with $23 billion of room for further buybacks remaining.