May 21 (Reuters) - Wabtec Corp:
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WABTEC AND GE TRANSPORTATION TO MERGE
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WABTEC - TRANSACTION IS VALUED AT APPROXIMATELY $11.1 BILLION
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WABTEC - GE WILL BE PAID A $2.9 BILLION UP-FRONT CASH PAYMENT
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WABTEC - WHEN ADJUSTED FOR NET TAX BENEFIT OF $1.1 BILLION ACCRUING TO COMBINED COMPANY, THE TRANSACTION VALUE IS $10 BILLION
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WABTEC - GE HAS THE RIGHT TO INCREASE PORTION OF MERGED COMPANY OWNED BY GE SHAREHOLDERS
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WABTEC - TRANSACTION IS EXPECTED TO BE TAX FREE TO COS’ RESPECTIVE SHAREHOLDERS
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WABTEC - UPON DEAL CLOSING, WABTEC SHAREHOLDERS WILL OWN ABOUT 49.9% OF FULLY DILUTED OUTSTANDING SHARES OF WABTEC
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WABTEC - FOLLOWING COMPLETION OF TRANSACTION, WABTEC’S CORPORATE HEADQUARTERS WILL REMAIN IN WILMERDING, PENNSYLVANIA - SEC FILING
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WABTEC - DEAL TO GENERATE ANNUAL RUN-RATE SYNERGIES OF $250 MILLION
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WABTEC - FOLLOWING DEAL CLOSE, CO’S FREIGHT SEGMENT WILL BE HEADQUARTERED IN CHICAGO
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WABTEC - FOLLOWING DEAL CLOSE, CO’S TRANSIT SEGMENT HEADQUARTERS WILL REMAIN IN PARIS
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WABTEC - AS PART OF DEAL, GE TO SELL PORTION OF ASSETS OF GE TRANSPORTATION TO WABTEC
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WABTEC - AS PART OF DEAL, GE TO ALSO COMPLETE SPIN-OFF OR SPLIT-OFF OF PORTION OF GE TRANSPORTATION TO GE SHAREHOLDERS
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WABTEC - OBTAINED FULL COMMITMENTS FOR $2.9 BILLION BRIDGE FACILITY AND EXPECTS TO PUT IN PLACE PERMANENT DEBT FINANCING PRIOR TO DEAL CLOSING
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WABTEC - GOLDMAN, SACHS & CO LLC ACTING AS FINANCIAL ADVISOR TO CO
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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:
https://www.reuters.com/article/brief-wabtec-and-ge-transportation-to-me/brief-wabtec-and-ge-transportation-to-merge-in-11-1-bln-deal-idUSFWN1SS0ES