GE GE Aerospace

   By Stephen Nakrosis 
 

Wabtec Corporation (WAB) on Monday said it anticipates the completion of its merger with GE Transportation on Feb. 25.

GE Transportation is a business unit of General Electric Co. (GE).

Under terms of the previously announced deal, GE will spin off its transportation unit, which will then immediately merge with Wabtec.

GE expects to distribute 8.7 billion shares in the spinoff's common stock to GE shareholders. Each of those new shares can be converted into shares of Wabtec stock "in accordance with the previously executed merger agreement."

After the merger is completed, it is expected that GE shareholders will own approximately 24.3% of the outstanding shares of Wabtec common stock, Wabtec shareholders are expected to collectively own approximately 50.8%, and GE will own Wabtec common stock and Wabtec non-voting convertible preferred stock, which together represent approximately a 24.9% economic interest in Wabtec, GE said.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

February 04, 2019 17:29 ET (22:29 GMT)

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