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Wabtec Corporation and General Electric company announced today that they entered into an agreement in which Wabtec will combine with GE Transportation, a unit of GE.

Under the agreement, 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; the agreement was approved by both the Boards of Directors of Wabtec and GE.

The transaction is expected to be completed in early 2019.

After the transaction is completed, Stéphane Rambaud-Measson, currently the COO of Westinghouse Air Brake Technologies Corporation, will become the president and CEO of Wantec’s Transit Segment; and Rafael Santana, currently the president and CEO of GE transportation, will become president and CEO of Wabtec’s Freight Segment.

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