GE announced today that it has completed the spinoff and merger of its Transportation business with Wabtec Corporation. Several types of Joint Registration exist including Joint Tenants with right of survivorship, Tenants by the Entirety and Tenants in common. Valerie Clark 10/25/2022 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. This registration gives sole ownership to the single individual and requires that the person's legal name be used. 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. Visit the companys new website at: www.WabtecCorp.com. The dividend is payable January 25, 2022 to shareholders of record at the close of business on December 21, 2021. That means a shareholder with 10,000 GE shares will walk away with only 54 shares of WAB along with a little cash. To view a copy of the presentation that will be discussed during the call, click on the Press Releases tab under About Us and click on the press release titled Wabtec and GE Transportation to Merge. The presentation will be included at the end of the press release on the website. The transaction is valued at approximately $11.1 billion.When adjusted for the net tax benefit of $1.1 billion accruing to the combined company, the transaction value is $10 billion. Strategic Combination Will Drive Shareholder Value Creation by Accelerating Innovation in Transportation and Logistics. Readers are cautioned not to place undue reliance on any of these forward-looking statements. All statements, other than historical facts, including statements regarding the expected benefits of the transaction, including future financial and operating results, the tax consequences of the 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. Explore a timeline of GE technologies that have spurred transformation across the world. Press ESC to cancel. The strongest trend for WAB is in Quality, which has been heading up over the past 179 days. Accordingly, EQ will serve as the transfer agent and registrar for GE Common Stock. GE's dedicated team, leading technology, and global reach and capabilities help the world work more efficiently, reliably, and safely. The transaction is expected to close in early 2019, subject to customary closing conditions, approval by Wabtec shareholders, and regulatory approvals. On 2/25/19 GE spun off its transportation business to Wabtec, producing .005371 share of Wabtec for each share of GE. Wabtec brings to market a robust installed base of more than 23,000 locomotives globally, an expanded global reach, a strong mix of products and services, as well as enhanced capabilities to drive innovation faster in key growth areas. Small shareholders will likely receive just cash in lieu of fractional shares and the odd exchange ratio could create orphaned positions and a period of forced selling. 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.. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. You can also buy GE stock through brokerage firms that act as a facilitator between individual investors and GE. This website no longer supports the Internet Explorer web browser. Fax: 412-825-1019. I expect 25 shares of the Wabtec stock based on my shares of GE, but I dont know when I will get them and how will they come to me. Include any additional instructions indicating how you wish the shares to be transferred. You are urged to consult your tax advisor with respect to the application of U.S. federal tax laws to your particular situation. Wabtec Corporation is a leading global provider of equipment, systems, digital solutions and value-added services for freight and transit rail. How Much Will Wabtec Stock Jump After February 25? - SeekingAlpha Commercializing GEs technology and IP to accelerate growth and achieve market differentiation. As a result, the merger is no longer structured as a Reverse Morris Trust and instead will be taxable to GE shareholders. You should receive your 1099 by mid-February. I'm looking for someone to tell me how! Access important shareholder information. The combination will make Wabtec a Fortune 500, global transportation leader in rail equipment, software and services, with operations in more than 50 countries. Fortunately for Buffett, he did not buy common shares of GE stock. Please use another web browser to access this website. Following the completion of the transaction, Stphane Rambaud-Measson will become president and CEO of Wabtecs Transit Segment; and Rafael Santana, president and CEO of GE Transportation, will become president and CEO of Wabtecs Freight Segment. Together with our customers, were proving that no one is ever limited to only affordable, reliable, or sustainable energy. 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. 2023 Wabtec Corporation. As we previously reported, GE Transportation has a long history of innovation, stretching from the first electric locomotives to the first freight locomotive that meets the U.S. governments strictTier 4 emission standards. Our technology, global network, and exceptional team is fueled by a missionbuilding a world that works. Second, it's worth noting that Wabtec is merging with GE Transportation at a cyclical low point. The ex-dividend date is December 20, 2021. 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. Wabtec expects to benefit from the cyclical tailwinds the industry saw in 2018, including volume growth of 38 million carloads and intermodal units. Ithas also expanded heavily into software and thelucrative business of locomotive upgrades. Wabtec Completes Successful Merger With GE Transportation Any forward-looking statements speak only as of the date of this communication. In a sense, GE is covering its 2018 dividend by borrowing money and relying on asset sales. Your broker will ask for some basic information about your account, including: Your account number (obtain from your statement or online account), The number of shares you wish to transfer, Whether you hold your shares in DRS (book-entry) or certificate form. Deia Campanellideia [dot] campanelli [at] wabtec [dot] comclass="spamspan" 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. Every state has this law, often referred to as Unclaimed Property. 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. What do GE shareholders get for Wabtec? Example: Mary Smith is preferred instead of M Smith. Answers to popular and relevant inquiries. 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.. You may obtain a surety bond from our independent insurance provider, The Chubb Corporation. Morgan Stanley & Co. LLC and Dyal Co. LLC are acting as financial advisors, and Davis Polk & Wardwell LLP as legal advisors, to GE in the transaction. (RTTNews) - General Electric Co. (GE) on Monday announced the completion of the spin-off and subsequent merger of its transportation business with Wabtec Corp. These instructions should provide the name, address and Social Security Number for each transferee and should indicate the number of shares to be transferred. The respective NYSE tickers will be GE WI and WAB WI. Notification via fax to: (215) 553-5402; attention Lost Securities Dept. Sell the fractional share by the per share selling price determined by Step 5. 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. We recommend that all certificates be sent by registered mail, return receipt requested. Socials. Cost basis and return based on previous market day close. If the transaction is effected via an exchange offer, GE will also file with the SEC a Schedule TO with respect thereto. CAUTION CONCERNING FORWARD-LOOKING STATEMENTS. Our technology, global network, and exceptional team is fueled by a missionbuilding a world that works. A custodial registration requires the names of the custodian and the beneficial owner. 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. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. We're focused on driving ongoing safety, innovation, efficiency, reliability, and productivity. It is headquartered in Pittsburgh, Pennsylvania. If you keep your stock with your broker in a broker account, you are a "street name" holder and are not directly registered on the company's records as maintained by the transfer agent. For the fiscal year ending December 31, 2017, GE Transportation generated approximately $3.9 billion in revenue and $701 million in adjusted EBIT (approximately 18% margin). Invest better with The Motley Fool. GE Transportation has a backlog of roughly $18 billion, including approximately 1,800 new locomotives and roughly 1,000 locomotive modernized units. Has been since process revisions were improved, but so few taxable spinoffs come up, the language has not been a problem so far (that I have seen). Lee Samaha has no position in any of the stocks mentioned. A replay will also be available at the same link after the event. 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 acquisition by Wabtec of GE Transportation (the transaction) and statements regarding Wabtecs expectations about future sales and earnings.
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