May 21, 2018 / 11:18 AM / 5 months ago

BRIEF-Wabtec And GE Transportation To Merge in $11.1 Bln Deal

May 21 (Reuters) - Wabtec Corp:

* WABTEC AND GE TRANSPORTATION TO MERGE

* WABTEC - TRANSACTION IS VALUED AT APPROXIMATELY $11.1 BILLION

* WABTEC - GE WILL BE PAID A $2.9 BILLION UP-FRONT CASH PAYMENT

* WABTEC - WHEN ADJUSTED FOR NET TAX BENEFIT OF $1.1 BILLION ACCRUING TO COMBINED COMPANY, THE TRANSACTION VALUE IS $10 BILLION

* WABTEC - WABTEC CHAIRMAN, ALBERT J. NEUPAVER HAS BEEN RE-APPOINTED EXECUTIVE CHAIRMAN

* WABTEC - GE, SHAREHOLDERS WILL RECEIVE ABOUT 50.1% OF THE FULLY DILUTED OUTSTANDING SHARES OF WABTEC

* WABTEC - CEO RAYMOND T. BETLER WILL REMAIN PRESIDENT AND CEO OF THE MERGED COMPANY

* WABTEC - GE HAS THE RIGHT TO INCREASE PORTION OF MERGED COMPANY OWNED BY GE SHAREHOLDERS

* WABTEC - TRANSACTION IS EXPECTED TO BE TAX FREE TO COS’ RESPECTIVE SHAREHOLDERS

* WABTEC - UPON DEAL CLOSING, WABTEC SHAREHOLDERS WILL OWN ABOUT 49.9% OF FULLY DILUTED OUTSTANDING SHARES OF WABTEC

* WABTEC - FOLLOWING COMPLETION OF TRANSACTION, WABTEC’S CORPORATE HEADQUARTERS WILL REMAIN IN WILMERDING, PENNSYLVANIA - SEC FILING

* WABTEC - DEAL TO GENERATE ANNUAL RUN-RATE SYNERGIES OF $250 MILLION

* WABTEC - FOLLOWING DEAL CLOSE, CO’S FREIGHT SEGMENT WILL BE HEADQUARTERED IN CHICAGO

* WABTEC - FOLLOWING DEAL CLOSE, CO’S TRANSIT SEGMENT HEADQUARTERS WILL REMAIN IN PARIS

* WABTEC - AS PART OF DEAL, GE TO SELL PORTION OF ASSETS OF GE TRANSPORTATION TO WABTEC

* WABTEC - AS PART OF DEAL, GE TO ALSO COMPLETE SPIN-OFF OR SPLIT-OFF OF PORTION OF GE TRANSPORTATION TO GE SHAREHOLDERS

* WABTEC - OBTAINED FULL COMMITMENTS FOR $2.9 BILLION BRIDGE FACILITY AND EXPECTS TO PUT IN PLACE PERMANENT DEBT FINANCING PRIOR TO DEAL CLOSING

* WABTEC - GOLDMAN, SACHS & CO LLC ACTING AS FINANCIAL ADVISOR TO CO

* WABTEC - AFTER DEAL, CO TO HAVE ABOUT $8 BILLION IN REVENUES, HIGHER MARGINS, ABOUT 15 PERCENT CASH EPS ACCRETION IN YEAR ONE Source text for Eikon: Further company coverage:

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