Siemens to float Healthineers business in Frankfurt, division valued at €40bn
Siemens is to float its €40bn-valued Healthineers medical business on Frankfurt's stock exchange.
The float, which was first signalled last year and is set to take place in the first half of 2018, will be Germany's biggest since Deutsche Telekom's €13bn IPO back in 1997.
Healthineers will be made public as part of Siemens' wider 2020 strategy, which also includes combining its wind-power division with Games and merging its rail operations with French firm Alstom.
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In a statement, it said its decision to float in Germany and not on the London Stock Exchange is partly down to uncertainty over the United Kingdom's impending exit from the European Union.
"Frankfurt is one of the world's largest trading centers for securities, and its importance will continue to increase due to Brexit," said Michael Sen, Chairman of the Siemens Healthineers Supervisory Board.
"As a highly liquid trading venue, Frankfurt is attractive for investors from around the world. The goal is to grow sustainably and profitably while actively shaping the paradigm shift in the healthcare industry."