The three-stage deal will see GSK form a consumer health joint-venture with its partner, while buying its vaccines business. At the same time Novartis is acquiring Glaxo’s cancer drugs portfolio.
GSK will receive just over £5bn, which will allow it to make the pay-out.
At the moment, the British firm expects to return the cash via the issue of new B shares in the business that will then be bought back.
It has taken almost a year to get the transaction to completion.
GSK will announce first quarter results on May 6 at which point it will provide guidance on 2015 earnings, which so far been delayed.
Share in the company, down around 7.5% in the last year, rose 6.82p to 1,548.32p in early trade.