February 4, 2019 / 9:57 PM / 7 months ago

GE to complete spin off of transportation unit on February 25

FILE PHOTO: The General Electric logo is pictured on the General Electric offshore wind turbine plant in Montoir-de-Bretagne, near Saint-Nazaire, western France, November 21, 2016. REUTERS/Stephane Mahe/File Photo

(Reuters) - General Electric Co said on Monday it expects to close the merger of its transportation business with Wabtec Corp on Feb. 25 and set a record date for distribution of shares.

GE announced last year that it would merge its transportation business with U.S. rail equipment manufacturer Wabtec in a more than $11 billion deal, leaving GE and its shareholders with just under half of the combined business.

GE said on Monday it would distribute 8.7 billion shares to shareholders on Feb. 14. Based on the number of shares of GE and Wabtec common stock outstanding on Dec. 31, GE shareholders are also expected to get about 0.005403 of a share of Wabtec common stock for each share of GE share held.

Following the closing of the deal, Wabtec will own 50.8 percent of the combined company, with GE and its shareholders owning the rest.

Reporting by Vibhuti Sharma and Nivedita Balu in Bengaluru; Editing by Anil D'Silva and Cynthia Osterman

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