If so, you may enroll in the plan in any of the following ways: Make the investment via your online account. How should shares for transfer be mailed to Broadridge? Were continuing to do all we can to support our customers and employees during this unprecedented time. If the stock issuer supports these stock options, you may deposit your certificated share(s) into the DRS Book Entry form or Plan form in order to sell through Broadridge. 773.297.0482, Rich Stimel, Wabtecrstimel [at] wabtec [dot] com Any idea how much and when it will show up? If you hold shares in DRS Book-Entry (no certificate), please follow the steps below: How do I transfer registered shares to beneficial or street shares via my broker? 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. Pittsburgh, PA 15212 - USA 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. Substantial annual run-rate synergies of $250 million and a net present value of approximately. This combination will create a compelling offering to meet the industry's rapidly growing demand for rail performance, with the potential to unlock billions in annual savings across freight rail for customers and operators. (If your numbers are universal, you bought Wabtec for 73.96/sh and sold the fractional for 72.7631/sh netting a short-term loss of $1.1969/Wabtec share). Image source: Getty Images. 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. Explore GEs recent and historic SEC filings. Interested parties can visit. Pittsburgh, PA 15212 - USA All told, it looks like a good deal for Wabtec. The transaction is expected to be tax free to the companies' respective shareholders. Tune in or catch up on GEs latest investor events and reports. Is Wabtec Exposed To GE's Pension Woes? - SeekingAlpha Discover how our people & technology are solving global issues, improving lives, and changing industries. GE announced today that it has completed the spinoff and merger of its Transportation business with Wabtec Corporation. Together we are well positioned to take advantage of the opportunities created by industry trends toward efficiency and improved performance and, with the merger complete, we are focused on leveraging our complementary portfolios to spur growth.. Original Shares. 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.. We were told we will retain the same number of GE share units, but that their value will change. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Neither GE nor Wabtec undertakes 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. In some cases additional documents will be required to complete the transfer. The GE Transportation business is positioned for a significant rebound, with estimated adjusted EBITDA growing from about $750 million in 2018 to between $900 million and $1 billion in 2019. By bringing together our highly complementary strengths we are confident that this transformational combination will create value for both Wabtec and GE shareholders, innovative solutions for our customers, and new outlets for long-term career growth for our employees. It's too early to tell right now, but what's undeniable is that the GE-Wabtec deal marks progress on GE management's strategic aims, and that can't be seen as anything but a plus. WILMERDING, Pa. and CHICAGO, May 21, 2018 Wabtec Corporation (NYSE: WAB) has entered into a definitive agreement to combine with GE Transportation, a unit of General Electric Company (NYSE: GE). The company merged with GE Transportation on February 25, 2019. 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. GE has the right to increase the portion of the merged company owned by GE shareholders (subject to a corresponding reduction in GEs ownership). Drive increased value for shareholders: Investors are expected to benefit from ownership of a stronger, more diverse business better positioned to perform through the cycle, with expanded margins, expected average double-digit EPS growth and synergies of about $250 million. Ithas also expanded heavily into software and thelucrative business of locomotive upgrades. At Wabtec, we help our customers overcome their toughest challenges by delivering rail and industrial solutions that improve safety, efficiency and productivity. The Uniform Commercial Code (UCC) entitles transfer agents and corporate issuers to receive signature guarantees to protect them against fraudulent and unauthorized transfers. Wabtec shareholders own approximately 50.8% of Wabtec on a fully diluted basis and GE shareholders own approximately 24.3% of Wabtec on a fully diluted basis. WAB scores best on the Quality dimension, with a Quality rank ahead of 85.16% of US stocks. When I sell or before? The registered shareholder may be an individual, a trust, a broker, etc. You should get the shares on the distribution date, February 25th. I'm looking for someone to tell me how! Were continuing to do all we can to support our customers and employees during this unprecedented time. DRIPs offer shareholders the convenience of reinvesting dividends, minimizing the expense and effort associated with dividend checks. On August 5, 2014, GE completed the initial public offering (IPO) of its North American Retail Finance business, Synchrony Financial, as a first step in a planned, staged exit from that business. To sell shares that are held in a plan, please refer to the FAQ section on "Stock and Dividend Plans. Company mailings, including dividends, will reach you through your broker. This registration gives sole ownership to the single individual and requires that the person's legal name be used. The transaction is expected to be tax free to the companies' respective shareholders. Divide the Cash in Lieu by the fractional number of shares received as determined in step 1. When will I have to pay taxes on the stocks. New and overhauled GE locomotives come laden with sensors monitoring between 50 and 250 parameters, including vibrations, engine temperature, voltage and pressure. 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. GE's dedicated team, leading technology, and global reach and capabilities help the world work more efficiently, reliably, and safely. This enhanced capability is expected to drive significant productivity for customers by delivering improved cycle time, lower production costs and better asset performance. Tim Wesley, Wabtectwesley [at] wabtec [dot] com Readers are cautioned not to place undue reliance on any of these forward-looking statements. Goldman, Sachs & Co., LLC and Jones Day are acting as financial advisors and legal counsel, respectively, to Wabtec in the transaction. Visit the companys new website at: www.WabtecCorp.com. Multiply your number of GE shares on 2/25/19 by 0.005371. All statements, other than historical facts, including statements regarding the expected timing and structure of the proposed transaction; the ability of the parties to complete the proposed transaction considering the various closing conditions; the expected benefits of the proposed transaction, including future financial and operating results, the tax consequences of the proposed transaction, and the combined companys plans, objectives, expectations and intentions; legal, economic and regulatory conditions; and any assumptions underlying any of the foregoing, are forward-looking statements. GE plans to sell . On May 21, 2018, GE and Wabtec confirmed the merger of GE Transportation with Wabtec in an $11 billion deal, completed on February 25, 2019, that saw Wabtec shareholders take a 50.8% shareholding in the merged . Following the transaction, Wabtec will have approximately $8 billion in revenues, a more diversified business mix, higher margins, and approximately 15 percent cash EPS accretion in year one. Investors and security holders will be able to obtain free copies of these materials and other documents filed with the SEC by GE, Wabtec and/or SpinCo through the website maintained by the SEC at www.sec.gov. This is 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. By embracing diverse teams and perspectives, we are better equipped to build a world that works. About Wabtec Corporation 412.825.1543, Transportation solutions that revolutionize the way the world moves. Strong free cash flow to enable rapid debt reduction, maintain Wabtecs quarterly dividend and preserve investment grade credit rating. Confirm that Broadridge is the transfer agent - our namewill usually appear on your account statement. Wabtec Chairman, Albert J. Neupaver, has been re-appointed executive chairman; Raymond T. Betler will remain president and CEO of the merged company; Rafael Santana, president and CEO of GE Transportation, will become president and CEO of Wabtecs Freight Segment and Stphane Rambaud-Measson, will become president and CEO of Wabtecs Transit Segment. You may obtain a surety bond from our independent insurance provider, The Chubb Corporation. A culture of integrity, compliance, safety, and respect for human rights, while reducing our environmental footprint. ADDITIONAL INFORMATION AND WHERE TO FIND IT. 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. By embracing diverse teams and perspectives, we are better equipped to build a world that works. An analyst with a glass-half-full approach would see the deal as progress on GE's restructuring plans and note that the cash flow will give the company more leeway to restructure the power segment before a bounce-back in total FCF generation in 2019. At GE, we rise to the challenge of building a world that works. What are analysts forecasts for Wabtec stock? Notification via fax to: (215) 553-5402; attention Lost Securities Dept. What is the tax basis for the WAB shares received by GE holders? That's the number of WABTEC shares you received. The broker will then have the shares transferred from Broadridge to your brokerage account. 2023 Broadridge Financial Solutions, Inc. Wabtec shareholders own approximately 50.8% of Wabtec on a fully diluted basis and GE shareholders own approximately 24.3% of Wabtec on a fully diluted basis. Lee Samaha has no position in any of the stocks mentioned. I believe the answer is that the entire value of the distribution is taxed now, that that value becomes the tax basis of the Wabtec shares, and that your GE tax basis is reduced by that amount. Information regarding the directors and executive officers of GE is contained in GEs proxy statement for its 2018 annual meeting of stockholders, filed with the SEC on March 23, 2018, its Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on February 23, 2018, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, which was filed with the SEC on May 1, 2018 and certain of its Current Reports filed on Form 8-K. Information regarding the directors and executive officers of Wabtec is contained in Wabtecs proxy statement for its 2018 annual meeting of stockholders, filed with the SEC on April 5, 2018, its Annual Report on Form 10-K for the year ended December 31, 2017, which was filed with the SEC on February 26, 2018, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 which was filed with the SEC on May 4, 2018 and certain of its Current Reports filed on Form 8-K. With this transaction, GE sold a portion of GE Transportation assets to Wabtec, spun off a portion of GE Transportation to GE shareholders and then GE Transportation merged with a wholly owned subsidiary of Wabtec. Meanwhile, the structure of the deal is a nice way to return capital to GE shareholders. Equiniti Trust Company Phone: 1-800-786-2543 (toll free) or 1-651-450-4064 Website: Shareowneronline.com Regular Mail Delivery: EQ Shareowner Services P.O. GE Announces Details for Anticipated Completion of Spin-Off and ", Broadridge Corporate Issuer Solutions P.O. Mail your certificates to Broadridge at the address below with a completed Legal Transfer Form which can be downloaded at the right: The Legal Transfer Form must be appropriately signed by all registered holders, exactly as the name(s) appear on the face of the certificate(s) or must be accompanied by a stock power bearing the appropriate signature(s). Deliver improved customer outcomes through expanded monitoring and services: Together, the combined company will have an expanded footprint of skilled technicians and repair shops that will result in a simpler customer interface and a more streamlined services experience. Wabtec will host a call with analysts and investors at 8:30 a.m., ET today to discuss its 2018 results and 2019 guidance, and the merger. Learn how were delivering on our priorities. GE also received approximately $2.9 billion in cash at closing. GE Transportation | GE News - General Electric You should receive your 1099 by mid-February. Upon the Merger, the obligations of GECC under its then outstanding debt obligations were assumed by GE (the "GE Debt Assumption"). Although this figure is lower than the 5% many analysts assume for mergers, there are a couple of things to consider that suggest Wabtec is onto a good thing. Confirm that Broadridge is the transfer agent - our name will usually appear on the certificate. GE Transportation revenues and EBIT are expected to grow at double digit CAGRs from 2017A to 2019E as the cycle rebounds from trough levels. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. This communication contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, including statements regarding the proposed transaction between GE and Wabtec.
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