What do GE shareholders get for Wabtec? The 2019 EBITDA multiple range including synergies and tax benefits is approximately 9x, and the 2019 EBITDA multiple range excluding synergies and tax benefits is approximately 11.75x. Accomplished leaders building GEs legacy. Will wait to see if it stays that way or if it changes again. Learn more about our culture, businesses, and life at GE. Otherwise, if your shares are not part of such plans, you must take your certificate(s) to a securities broker to sell the shares. In connection with the proposed transaction between GE and Wabtec, Transportation Systems Holdings Inc., a wholly owned subsidiary of GE created for the transaction (SpinCo), will file with the SEC a registration statement on Form S-4/S-1 containing a prospectus or a registration statement on Form 10 and Wabtec will file with the SEC a registration statement on Form S-4 that will include a combined proxy statement/prospectus. For the fiscal year ending December 31, 2017, Wabtec generated approximately It sounds like GE structured the spinoff as a taxable event, but hard to say for sure without reading the spinoff documents. The backlog of approximately $18 billion includes about 1,800 new locomotives and approximately 1,000 to be modernized. 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. At Wabtec, we help our customers overcome their toughest challenges by delivering rail and industrial solutions that improve safety, efficiency and productivity. Today, we are a stronger, more diversified company ready to better serve customers across the globe and capitalize on new growth opportunities at an attractive point in the cycle.. Wabtec and GE Transportation to Merge, Creating - Wabtec Corporation Notification via fax to: (215) 553-5402; attention Lost Securities Dept. In the transaction, GE received about $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. Transfer agents are obligated to ensure that such stamps appear on the transfer documents and are entitled to refuse a transfer of shares if a signature is not guaranteed with a stamp. Wabtec pays a dividend 4 times a year. Visit your online account and change your investment elections in the appropriate plan section. The deal to merge GE transportation withWestinghouse Air Brake Technologies(WAB -0.07%), or Wabtec, is somewhat complicated but, in general, can be seen as a near-term positive for shareholders. You can also buy GE stock through brokerage firms that act as a facilitator between individual investors and GE. The General Electric and Wabtec Merger: What It Means to Investors Contact information for general inquiries and feedback. The transaction is expected to be tax free to the companies' respective shareholders. Furthermore, the transaction will facilitate a tax step-up with an NPV of approximately $1.1 billion of net tax benefit accruing to the combined company. According to the earlier terms, General Electric's shareholders were to get 40.2% with 9.9% going to GE. Discover how our people & technology are solving global issues, improving lives, and changing industries. $78.06, establishes the shareowners cost basis in Wabtec shares going forward. Changing plan electionsYou may change your plan investment decisions by taking the following steps: Selling shares held in a planYou may sell shares held in a plan by taking one of the following steps: When will I receive my 1099?Form 1099s are typically mailed or sent electronically in January according to IRS guidelines. I wrote to GE investor relations and received the below response, hope this is helpful, 'The inclusion of the per share dividend amount in income, which is
Please refer to page two of the Legal Transfer Form for additional document requirements based on your stock transferring situation. The General Electric and Wabtec Merger: What It Means to Investors The respective NYSE tickers will be GE WI and WAB WI. Specifically, GE Transportation will be first distributed to GE shareholders in a "tax-free spin- or split-off; then immediately merged with Wabtec," according to the deal presentation. TRANSACTION DETAILS On July 12, 2017, Wells Fargo Bank N.A. announced that it had entered into an agreement to sell Shareowner Services to Equiniti Group plc (Equiniti Group). The registered shareholder may be an individual, a trust, a broker, etc. All comments, concerns and complaints can be addressed via phone or e-mail to: To view GE Form 8937 attachment, click here, GE HealthCare Distribution Ratio Frequently Asked Questions, https://www.ge.com/news/press-releases/ge-announces-board-of-directors-for-future-independent-ge-healthcare-confirms-target. Note that sales are subject to a fee of $10 per transaction plus $0.15 per share sold. I received the following email from GE Investor Relations. General Electric Is Getting Ready to Fire On all Cylinders, Why General Electric Stock Aced an 8% Gain Thursday, U.S. Money Supply Is Doing Something It Hasn't Done in 90 Years, and It May Signal a Big Move for Stocks, Why I Refuse to Chase the Maximum Social Security Benefit, Social Security Cuts May Be Coming. In other words, in future years, earnings should rebound strongly -- and, all things being equal, the EV/EBITDA multiple will decline. Any idea how much and when it will show up? Answers to popular and relevant inquiries. 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. We were told we will retain the same number of GE share units, but that their value will change. GE Completes Spin-off Of GE Transportation Into Wabtec - Insider Caution Concerning Forward-Looking Statements ADDITIONAL INFORMATION AND WHERE TO FIND IT. Shares have done quite well, resulting in higher earnings multiples awarded to the business, with the valuation getting quite full here. Socials. Investors will be required to go to the state to reacquire them, but if the state has sold their shares, they will have lost all dividends and any increase in value. GE also received approximately $2.9 billion in cash at closing. Pittsburgh, PA 15212 - USA Management has already told investors to expect earnings and, by implication, cash flow to be at the lower end of 2018 guidance -- its most recent guidance implies a $500 million cut in power segment profit, which will be hard to make up elsewhere. Investor FAQs | Wabtec Corporation The bearish case for GE stock, for the most part, focuses on the deterioration in free cash flow (FCF) and the ongoing problems in the power segment. Instead, he bought preferred shares, which paid an annual dividend yield of 10%. Any forward-looking statements speak only as of the date of this communication. If the transaction is effected via an exchange offer, GE will also file with the SEC a Schedule TO with respect thereto. Under the agreement, which has been approved by the Boards of Directors of Wabtec and GE, GE will receive $2.9 billion in cash at closing and GE and its shareholders will receive a 50.1% ownership interest in the combined company, with Wabtec shareholders retaining 49.9% of the combined company. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Upon completion of the merger, GE shareholders are expected to collectively own approximately 24.3% of the outstanding shares of Wabtec common stock, and current Wabtec shareholders are expected . What is the tax basis for the WAB shares received by GE holders? Strong free cash flow to enable rapid debt reduction, maintain Wabtecs quarterly dividend and preserve investment grade credit rating. Wabtec's existing shareholders could own 49.9% of the combined entity and contribute a $2.9 billion cash payment to GE. WAB ranks lowest in Sentiment; there it ranks in the 29th percentile. GE to merge transportation unit with Wabtec in $11.1 billion deal The foregoing list of important factors is not exclusive. GE Transportation helps move the world and improve the world, as a global technology leader and supplier of equipment, services and digital solutions to the rail, mining, marine, stationary power and drilling industries. The transaction is expected to close in early 2019, subject to customary closing conditions, approval by Wabtec shareholders, and regulatory approvals. At Wabtec, we help our customers overcome their toughest challenges by delivering rail and industrial solutions that improve safety, efficiency and productivity. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. The ex-dividend date is December 20, 2021. Stock Information | Wabtec Corporation Wabtec Corporation is a leading global provider of equipment, systems and value-added services for transit and freight rail. 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. Are they held somewhere or will I get actual stock certificates mailed to me? Upon closing, Wabtec shareholders will own approximately 49.9%, and it is planned that GE shareholders will own approximately 40.2%, and GE will own 9.9% of the merged company on a fully diluted basis. Together, we can expand our global reach, strengthen our market capabilities and lead digital innovation across the transportation industry. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law. Phone: 412-825-1000 Wabtec (WAB) Signs Revised Deal With GE, Gets Majority Stake GE owns common stock and non-voting convertible preferred stock, which together represent approximately a 24.9% economic interest in Wabtec on a fully diluted basis. $1.1 billion of net tax benefit will accrue to the combined company. The influx of $2.9 billion in cash from Wabtec won't impress the bears much. You may obtain a surety bond from our independent insurance provider, The Chubb Corporation. Wabtec does not undertake any obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. The transit portfolio provides highly-engineered systems and services to virtually every major rail transit system around the world, supplying an integrated series of components for buses and all train-related market segments that deliver safety, efficiency and passenger comfort. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words may, will, should, potential, intend, expect, endeavor, seek, anticipate, estimate, overestimate, underestimate, believe, could, project, predict, continue, target or other similar words or expressions. Broadridge can support the sale of your shares if they are held in DRS (no certificates) as part of a Dividend Reinvest Plan (DRIP), Employee Stock Purchase Plan (ESPP) or Direct Stock Purchase Plan (DSPP). The Uniform Commercial Code (UCC) entitles transfer agents and corporate issuers to receive signature guarantees to protect them against fraudulent and unauthorized transfers. Access GEs recent and historic Annual Reports and accompanying materials. This communication is not a solicitation of a proxy from any investor or security holder. Plus500. You can also access the link by going to www.wabtec.com and clicking on the Webcasts tab in the Investor section. On July 27, 2015, Wabtec announced that it plans to purchase 51% of Faiveley Transport's shares in a cash-and-stock deal valued . We're focused on driving ongoing safety, innovation, efficiency, reliability, and productivity. To make the world smarter, happier, and richer. Create a leading equipment, aftermarket services, and digital solutions provider across the transportation ecosystem: From factory to final destination and every point in-between the combined company will have the capabilities to accelerate lifecycle solutions for the transportation industry and unlock significant productivity for customers by improving interoperability, efficiency, and competitiveness. Payment months are February, May, August, November. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Wabtec has approximately 27,000 employees in facilities throughout the world. The Company is committed to maintaining a strong investment grade credit rating profile and will use its strong cash flow to prioritize debt reduction. Is Wabtec Exposed To GE's Pension Woes? - SeekingAlpha Confirm that Broadridge is the transfer agent - our namewill usually appear on your account statement. This communication is not a substitute for any proxy statement, registration statement, proxy statement/prospectus or other documents GE, Wabtec and/or SpinCo may file with the SEC in connection with the proposed transaction. An audio webcast of the investor call can be accessed at https://engage.vevent.com/rt/kekstandcompanyao~1688628. Today, we meet the total lifecycle needs of the entire fleet, from new locomotives to modernizations, service, and repairs, adding value at every touchpoint to help customers realize the most value from their investment. GE's dedicated team, leading technology, and global reach and capabilities help the world work more efficiently, reliably, and safely. Together with our customers, were proving that no one is ever limited to only affordable, reliable, or sustainable energy. Stay up to date with the latest resources for the planned spin-offs. The combined company, which is expected to have revenues of more than $8 billion in 2019, has a compelling growth profile, especially as market conditions improve in the industries it serves. Strategic Combination Will Drive Shareholder Value Creation by Accelerating Innovation in Transportation and Logistics. GE - WAB spinoff with cash for partial share Quicken You're right, I reversed the figures and corrected my original post. These instructions should provide the name, address and social security number for each transferee and should indicate the number of shares to be transferred. Upon completion of the merger, GE shareholders are expected to collectively own approximately 24.3% of the outstanding shares of Wabtec common stock, and current Wabtec shareholders are expected to collectively own approximately 50.8%. Our teams have made significant progress in integration planning, and this process has only strengthened our confidence in the value creation potential of the combination. Were continuing to do all we can to support our customers and employees during this unprecedented time. Current Shares. GE Reworks Wabtec Deal to Raise More Cash for Itself - WSJ GE Announces Details for Anticipated Completion of Spin-Off and GE Announces Details for Anticipated Completion of Spin-Off and Discover how our people & technology are solving global issues, improving lives, and changing industries. Press ESC to cancel. Begin typing your search term above and press enter to search. If so, you may enroll in the plan in any of the following ways: Make the investment via your online account. That's the number of WABTEC shares you received. In completion of the sale of Shareowner Services on February 1, 2018, its business and operations, the transfer agent appointment has been transferred to Equiniti Trust Company (EQ). How do I know which date 2/25 or 2/26 and if to use the Close or High & Low divided by 2? The company has roughly 18,000 employees and facilities located throughout the world. Wabtec will now have 50.8%, up 0.9%. If investors fail to communicate regularly with GE, their state of residence can take their shares and, in many cases, sell them. With best-in-class manufacturing facilities, unmatched digital expertise, always-on global services delivery, and unrivaled product breadth and performance, Wabtec is the rail industrys one-stop shop. Hope this helps. The deal to merge GE transportation with Westinghouse Air Brake Technologies (WAB-0.07%), or Wabtec, is somewhat complicated but, in general, can be seen as a near-term positive for shareholders . Please refer to page two of the Legal Transfer Form for additional document requirements based on your stock transferring situation. At GE, we are committed to building a more diverse workforce and a more inclusive workplace. Wabtec and GE Transportation will host a conference call today at 8:30 am Eastern to discuss the transaction. In some cases additional documents will be required to complete the transfer. The freight portfolio features a comprehensive line of locomotives, software applications and a broad selection of mission-critical controls systems, including Positive Train Control (PTC). Locomotive; Freight Car; Freight Services; Those shares were also convertible, meaning Buffett could choose to convert them to common shares. We connect capital to infrastructure and deliver innovative financial solutions that help make the world work better. Creating the energy technologies of the future and improving the power networks that we depend on today. I did review the discussion but it didn't help! The foregoing list of important factors is not exclusive. 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, said GE Chairman and CEO H. Lawrence Culp Jr. The GE and Wabtec teams worked hard to complete this deal, and I am excited by the opportunities ahead for Wabtec., Raymond T. Betler, Wabtecs president and CEO, said the deal was a once-in-a-lifetime opportunity to bring together nearly four centuries of collective experience to create a technologically advanced leader with a highly complementary set of capabilities to move and improve the world.. The GEs website under the investors tab doesnt have any mention of spinoff of the transportation business to WAB. In the event of loss, a surety bond of 2% will be required to replace the certificates. Combining GE Transportations constant monitoring of messages from 17,000 locomotives with monitoring of Wabtecs passenger and shunter locomotives can make for a smarter, more efficient and safer transportation system. Ithas also expanded heavily into software and thelucrative business of locomotive upgrades. Explore a career with us. I just checked my Vanguard and it's still showing 18.395 shares of WAB. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THESE DOCUMENTS WHEN THEY BECOME AVAILABLE, ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, AND OTHER DOCUMENTS FILED BY GE, WABTEC OR SPINCO WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION. GE Transportation has a backlog of roughly $18 billion, including approximately 1,800 new locomotives and roughly 1,000 locomotive modernized units. Betler said: Wabtec and GE Transportation are global industry leaders and we believe that together we have a unique opportunity to drive tremendous growth in 2019 and beyond as the industry continues to improve. Proactive performance monitoring can also be improved by integrating Wabtec products within locomotive control systems and by leveraging GE Transportations expansive remote monitoring and diagnostics systems. A replay will also be available at the same link after the event. Note that the in-product QWin 2019 Help for a taxable spin-off would have you enter a Misc Income for the dollar value of the spin-off and an Add rather then Buy for the new shares. What's more, the deal has been structured in a tax-efficient manner. Were deeply proud of GE employees around the world rising to the challenge. 412.825.1543, Transportation solutions that revolutionize the way the world moves. Our energy expertise spans from renewable wind energy to emission-reducing natural gas, as well as physical and digital solutions to modernize the grid connecting it all. December 10, 2021The Board of Directors of GE (NYSE: GE) today declared a $0.08 per share dividend on the outstanding common stock of the Company. Why Shares in General Electric Crushed the Market in March, Why Shares in General Electric Beat the Market Today. Upon completion of the merger, GE shareholders are expected to collectively own approximately 24.3% of the outstanding shares of Wabtec common stock, and current Wabtec shareholders are expected . Tim Wesley, Wabtectwesley [at] wabtec [dot] com If you have lost your share certificates, we can help replace them, by following these steps: Broadridge Corporate Issuer SolutionsP.O. The recent restructuring of the deal provides GE with more cash, but it also left GE as the minority owner of the combined entity. Commercializing GEs technology and IP to accelerate growth and achieve market differentiation. The deal was agreed upon in May 2018. An analyst with a more pessimistic approach would worry about continued deterioration in the power segment and therefore see the cash from Wabtec as small potatoes compared to what GE could need to realize its restructuring plans while maintaining its current dividend. 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