GE to merge transportation unit with Wabtec in $11.1 billion deal [Reuters]
Westinghouse Air Brake Technologies Corporation (WAB)
Last westinghouse air brake technologies corporation earnings: 2/18 06:58 am
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Source: Reuters
GE to merge transportation unit with Wabtec in $11.1 billion deal | Reuters 4 Min Read (Reuters) - General Electric Co ( GE.N ) announced a $11.1 billion deal on Monday to merge its transportation business with U.S. rail equipment manufacturer Wabtec Corp ( WAB.N ), with GE and its shareholders owning just over half of the combined business. The deal, first reported by Reuters on Sunday, is the biggest to be inked thus far by GE Chief Executive John Flannery since he announced a major overhaul of the U.S. industrial conglomerate late last year. The transaction values the GE transportation business, which makes train engines, at $11.1 billion. GE will receive a $2.9 billion up-front payment in cash and a 9.9-percent stake in the combined company, with GE shareholders awarded 40.2 percent and existing Wabtec shareholders owning 49.9 percent. GE shares rose 2.8 percent to $15.39. Wabtec shares rose 4.3 percent to $99.28. The deal is tax-free for GE and Wabtec shareholders because it
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WAB
Earnings
- 2/14/24 - Miss
WAB
Sec Filings
- 4/4/24 - Form ARS
- 4/4/24 - Form DEF
- 4/4/24 - Form DEFA14A
- WAB's page on the SEC website