Gulf Oil and Gas accountACCOUNT

GE Announces Completion of GE Transportation and Wabtec Merger

Source: www.gulfoilandgas.com 2/25/2019, Location: North America

GE (GE) announced today the completion of the spin-off and subsequent merger of its transportation business with Wabtec Corporation (WAB).

GE Chairman and CEO H. Lawrence Culp, Jr., said, “Today’s update is another important landmark in executing GE’s portfolio strategy. This transaction is good for GE shareholders, who gain equity in an organization at the forefront of rail innovation; for GE, as we work to reduce leverage and strengthen our balance sheet; and for Wabtec, which now has a stronger and more diversified business mix to serve its customers. The GE and Wabtec teams worked hard to complete this deal, and I am excited by the opportunities ahead for Wabtec.”

Under the previously disclosed terms of the transaction, GE distributed all 8.7 billion shares of common stock of Transportation Systems Holdings Inc. (“SpinCo”) with respect to the shares of GE common stock outstanding as of the close of business on February 14, 2019 by means of a pro rata distribution (the “Spin-off”), and SpinCo and a subsidiary of Wabtec then merged.

The exchange ratio for the combined Spin-off/merger transaction is 0.005371, meaning participating GE shareholders will receive 0.005371 shares of Wabtec common stock for each outstanding share of GE common stock held. Stated another way, for each approximately 186 shares of GE common stock held, a GE shareholder will receive one share of Wabtec common stock.

In the transaction, GE received approximately $2.9 billion in cash as well as shares of Wabtec common stock and Wabtec non-voting convertible preferred stock that, together, represent an approximately 24.9% ownership interest in Wabtec.

Mergers and Acquisitions News in United States >>

Canada >>  1/20/2020 - International Petroleum Corp (IPC) has entered into an agreement to acquire Granite Oil Corp for total equity and debt consideration of approx. USD 59...
Colombia >>  1/16/2020 - GeoPark Limited, a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia...

United Kingdom >>  1/16/2020 - TechnipFMC reaffirmed that its planned transaction to separate into two companies, TechnipFMC and Technip Energies, is well on track for completion in...
Nigeria >>  1/14/2020 - Africa Oil Corp. (AOI) is pleased to announce the closing of the acquisition of a 50% ownership interest in Petrobras Oil and Gas B.V. ("POGBV"). BTG...

France >>  12/30/2019 - CGG is completing its exit from the seabed data acquisition business and has terminated the Seabed Geosolutions’ joint venture agreement effective Dec...
Norway >>  12/30/2019 - Fugro has entered into an agreement to acquire CGG’s 40% shareholding in Seabed Geosolutions and to terminate the Seabed Geosolutions’ joint venture a...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


United States Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.