ILLUMINA, INC. (ILMN): M&A transaction — Illumina completes spin-off of GRAIL, retains 14.5% stake; GRAIL to trade as GRAL

ILLUMINA, INC.

Spin-off effective June 24, 2024: Illumina distributed 85.5% of GRAIL shares (1 share GRAIL per 6 shares ILMN), retains 14.5%.
GRAIL begins regular-way trading on Nasdaq as 'GRAL' on June 25, 2024.
Illumina drew $750M term loan at ~6.70% on June 20 to fund GRAIL's cash balance in connection with divestment.
Illumina to report Q2 2024 earnings on August 6 and host Strategy Update on August 13.
No gain/loss recognized for U.S. shareholders on distribution except for cash in lieu of fractional shares.

item 1.01 item 2.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

ILLUMINA, INC. completed a disposition involving GRAIL, Inc. (closed 2024-06-24).

Action: disposition
Counterparty: GRAIL, Inc.
Closing: 2024-06-24

Exact text from the filing

At 12:01 a.m. New York time on the Distribution Date, Illumina effected the Distribution and completed the separation of GRAIL from Illumina.

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Source: SEC EDGAR

accession 0001193125-24-167025

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