Wabtec updates merger process with GE

Wabtec Corp. yesterday announced it has filed an amended preliminary proxy statement with the U.S. Securities and Exchange Commission related to its proposed merger with GE Transportation.

The amended proxy filing "reiterates and reinforces the strategic and financial logic of our planned combination with GE Transportation, to form a diversified, global leader for rail equipment, services and software," Wabtec Chairman Albert Neupaver said in a press release. "We are even more confident than when we announced the transaction in May that this combination will serve the best long-term interests of our shareholders."

Wabtec officials said late last week that the company continues to make progress on the proposed merger, including the execution and settlement of $500 million of three-year floating rate notes and $2 billion of five-year and 10-year senior notes to fund a majority of the cash requirements for the transaction.

Wabtec anticipates the merger to be completed by early 2019.

"Upon completion of the merger, we believe we will be poised to drive strong growth in 2019 and beyond and well-positioned to serve customers as industry demand continues to improve," Wabtec officials said.