Next Stop, Wabtec: GE Completes Spin-Off And Merger Of Its Transportation Unit

GE announced today that it has completed the spinoff and merger of its Transportation business with Wabtec Corporation. GE received approximately $2.9 billion in cash as well as shares of Wabtec common stock and Wabtec nonvoting convertible preferred stock that together represent an approximately 24.9 percent ownership interest in Wabtec. GE shareholders own about 24.3 percent of Wabtec on a fully diluted basis.