GE (GE) Monday said it has set a record date of February 14 for the spin-off of Transportation Systems Holdings Inc., which will hold a portion of GE Transportation, a business unit of GE.
GE will distribute all of the shares of GE Transportation common stock to GE shareholders as of the record date by means of a pro rata distribution.
Following the spin-off, the transportation business unit will merge with a subsidiary of Wabtec Corp. (WAB), and it will continue as the surviving company.
The company expects that 8.7 billion shares of Transportation System Holdings common stock will be distributed to GE shareholders as of the record date in connection with the spin-off.
The spin-off and the merger are currently expected to occur on February 25, 2019, subject to certain closing conditions being satisfied as of the closing date.
Upon completion of the merger, GE shareholders are expected to collectively own around 24.3% of the outstanding shares of Wabtec common stock, and current Wabtec shareholders are expected to collectively own approximately 50.8%
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