The deal to merge GE transportation withWestinghouse Air Brake Technologies(WAB -0.07%), or Wabtec, is somewhat complicated but, in general, can be seen as a near-term positive for shareholders. Wells Fargo Shareowner Services (Shareowner Services), a division of Wells Fargo Bank N.A., has served as the transfer agent & registrar for GE. Example: Mary Smith & Barbara Smith Jt Ten, This registration allows an appropriate portion of the shares to pass to the estate of the holder upon the holder's death rather than to the surviving tenant. Wabtec, GE, expect to close locomotive maker deal by February - Trains Pittsburgh, PA 15212 - USA Wabtec Completes Successful Merger With GE Transportation Press Release (PDF). Voices is a network for GEs US supporters interested in the companys impact in their communities and in issues that impact the company. Making the world smarter, happier, and richer. Those shares were also convertible, meaning Buffett could choose to convert them to common shares. 412.825.1423, Transportation solutions that revolutionize the way the world moves. Company mailings, including dividends, will reach you through your broker. As a result of an internal reorganization undertaken by General Electric Company, interest payments made after November 25, 2018 will be treated as U.S.-source interest for U.S. federal income tax purposes. GE shareholders own about 24.3 percent of Wabtec on a fully diluted basis. Learn more about our culture, businesses, and life at GE. I typically enter the cash-in-lieu transaction as a sell and consider the small capital gain as taxable. Discover how our people & technology are solving global issues, improving lives, and changing industries. GE Transportation helps move the world and improve the world, as a global technology leader and supplier of equipment, services and digital solutions to the rail, mining, marine, stationary power and drilling industries. In the event of loss, a surety bond of 2% will be required to replace the certificates. The combined company, which is expected to have revenues of more than $8 billion in 2019, has approximately 27,000 employees in 50 countries. What are "street name shares" or "beneficial shares"? 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. You should get the shares on the distribution date, February 25th. GE will designate for nomination three independent Board members. Our technology, global network, and exceptional team is fueled by a missionbuilding a world that works. Stock Information | Wabtec Corporation Effective December 2, 2015, General Electric Capital Corporation (GECC) merged with and into GE (the "Merger") to assure compliance with debt covenants as GECC exits the assets planned for disposition. In short, GE needs cash, and many investors may have preferred a deal with a higher cash component rather than the one outlined above. Commercializing GEs technology and IP to accelerate growth and achieve market differentiation. December 10, 2021The Board of Directors of GE (NYSE: GE) today declared a $0.08 per share dividend on the outstanding common stock of the Company. 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. GE has the right to increase the portion of the merged company owned by GE shareholders (subject to a corresponding reduction in GE's ownership). GE Transportation What are the more common types of security registrations? Are they held somewhere or will I get actual stock certificates mailed to me? By embracing diverse teams and perspectives, we are better equipped to build a world that works. Please refer to page two of the Legal Transfer Form for additional document requirements based on your stock transferring situation. 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. What is the tax basis for the WAB shares received by GE holders? I end up with 27 million+ shares of Wabtec which obviously isn't correct! So if you are a GE shareholder, you should have a keen interest in the rationale for the deal because you will be owning stock in Wabtec.`. Wabtec does not undertake 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. Read GEs 2022 Proxy Statement, vote your shares and access the 2022 Annual Meeting. 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. Changing plan electionsYou may change your plan investment decisions by taking the following steps: Selling shares held in a planYou may sell shares held in a plan by taking one of the following steps: When will I receive my 1099?Form 1099s are typically mailed or sent electronically in January according to IRS guidelines. Substantial annual run-rate synergies of $250 million and a net present value of approximately. Here's the step by step, (having eliminated everything that was downloaded to you): Do you know why I would receive .395 shares on 3/1/19 after receiving 18 on 2/25/19? All told, it looks like a good deal for Wabtec. Strong free cash flow to enable rapid debt reduction, maintain Wabtecs quarterly dividend and preserve investment grade credit rating. Both businesses are expected to benefit from the cyclical tailwinds they are experiencing as industry conditions improve. It is headquartered in Pittsburgh, Pennsylvania. We're focused on driving ongoing safety, innovation, efficiency, reliability, and productivity. Westinghouse Air Brake Technologies has received a consensus rating of Buy. 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. Transforming how industry solves its toughest challenges by bringing simplicity, speed and scale to digital transformation. Begin typing your search term above and press enter to search. GE's dedicated team, leading technology, and global reach and capabilities help the world work more efficiently, reliably, and safely. Accomplished leaders building GEs legacy. Hi All, I don't have a quicken account but was reading the comments looking for direction also myself. If you own stock through a broker, sign up at Broadridge. We were told we will retain the same number of GE share units, but that their value will change. How do I know which date 2/25 or 2/26 and if to use the Close or High & Low divided by 2? Welcome Wabtec Investors - Broadridge Financial Solutions If investors fail to communicate regularly with GE, their state of residence can take their shares and, in many cases, sell them. Joint Tenants with Rights of Survivorship, This registration is used when two or more individuals have equal claim to the shares. At GE, we rise to the challenge of building a world that works. If you have lost your share certificates, we can help replace them, by following these steps: Broadridge Corporate Issuer SolutionsP.O. What is the per share cost basis for the partial share? Can all this be explained in normal peoples language. Learn more about our culture, businesses, and life at GE. Note that the in-product QWin 2019 Help for a taxable spin-off would have you enter a Misc Income for the dollar value of the spin-off and an Add rather then Buy for the new shares. Create a leading equipment, aftermarket services, and digital solutions provider across the transportation ecosystem: From factory to final destination and every point in-between the combined company will have the capabilities to accelerate lifecycle solutions for the transportation industry and unlock significant productivity for customers by improving interoperability, efficiency, and competitiveness. Caution Concerning Forward-Looking Statements 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. Wabtec and GE Transportation will be combined in a transaction in which GE will (i) sell a portion of the assets of GE Transportation to Wabtec; (ii) complete the spin-off or split-off of a portion of GE Transportation to GE shareholders; and (iii) immediately thereafter merge GE Transportation with a wholly owned subsidiary of Wabtec. You can also access the link by going to www.wabtec.com and clicking on the Webcasts tab in the Investor section. Transforming how industry solves its toughest challenges by bringing simplicity, speed and scale to digital transformation. All comments, concerns and complaints can be addressed via phone or e-mail to: To view GE Form 8937 attachment, click here, GE HealthCare Distribution Ratio Frequently Asked Questions, https://www.ge.com/news/press-releases/ge-announces-board-of-directors-for-future-independent-ge-healthcare-confirms-target. Improve utilization and accelerate path to automation: The seamless combination of GE Transportations digital solutions and analytics systems with Wabtecs electronic systems and Positive Train Control (PTC) capabilities, is expected to improve safety, efficiency and productivity across the transportation industry and accelerate railroads path to advanced train automation. GE : Announces Details for Anticipated Completion of Spin-Off and The General Electric and Wabtec Merger: What It Means to Investors Stay up to date with the latest resources for the planned spin-offs. If you wish to move your shares from registered to beneficial ownership, Broadridge or your broker will help you do so. General Electric Co. changed the structure of the planned spinoff of its transportation division by taking a larger stake in the new company rather than giving it to shareholders. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. The use of a first name is desirable. For example: Mary Jones Tr U/A dtd 4/15/98 The Mary Jones Trust FBO Mary Jones. You will find the information under the "Dividend Payment Options" section of the website. $3.9 billion in revenue and $504 million in adjusted EBIT (approximately 13% margin). What are analysts forecasts for Wabtec stock? All Rights Reserved. What do GE shareholders get for Wabtec? - Rattleinnaustin.com Betler said: Wabtec and GE Transportation are global industry leaders and we believe that together we have a unique opportunity to drive tremendous growth in 2019 and beyond as the industry continues to improve. Our two companies have more than 250 years of rail industry heritage, and our shared focus on safety, reliability, quality, and customer relationships will enable a smooth integration., Santana said: The combination of our two strong brands and remarkable people is an excellent fit that will create an organization well-positioned to accelerate the future of transportation. Shares have done quite well, resulting in higher earnings multiples awarded to the business, with the valuation getting quite full here. In completion of the sale of Shareowner Services on February 1, 2018, its business and operations, the transfer agent appointment has been transferred to Equiniti Trust Company (EQ). 2023-03 GE SCF Investor Report (PDF, 180 KB), 2022-12 GE SCF Investor Report (PDF, 70 KB), 2022-09 GE SCF Investor Report (PDF, 71 KB), 2022-06 GE SCF Investor Report (PDF, 182KB), 2022-03 GE SCF Investor Report (PDF, 182KB), 2021-12 GE SCF Investor Report (PDF, 182KB), 2021-09 GE SCF Investor Report (PDF, 181KB), 2021-06 GE SCF Investor Report (PDF, 71KB), 2021-03 GE SCF Investor Report (PDF, 79KB), 2020-12 GE SCF Investor Report (PDF, 64KB), 2020-09 GE SCF Investor Report (PDF, 72KB), 2020-06 GE SCF Investor Report (PDF, 72KB), 2020-03 GE SCF Investor Report (PDF, 79KB), 2019-12 GE SCF Investor Report (PDF, 380KB), 2019-09 GE SCF Investor Report (PDF, 383KB), 2019-06 GE SCF Investor Report (PDF, 369KB), 2019-03 GE SCF Investor Report (PDF, 353KB), 2018-12 GE SCF Investor Report (PDF, 59KB), 2018-09 GE SCF Investor Report (PDF, 88KB), 2018-06 GE SCF Investor Report (PDF, 88KB), 2018-03 GE SCF Investor Report (PDF, 88KB), 2017-12 GE SCF Investor Report (PDF, 87KB), 2017-09 GE SCF Investor Report (PDF, 35KB), 2017-06 GE SCF Investor Report (PDF, 160KB), 2017-03 GE SCF Investor Report (PDF, 160KB), 2016-12 GE SCF Investor Report (PDF, 160KB), 2016-09 GE SCF Investor Report (PDF, 155KB), 2016-06 GE SCF Investor Report (PDF, 160KB), 2016-03 GE SCF Investor Report (PDF, 160KB), 2015-12 GE SCF Investor Report (PDF, 159KB), 2015-09 GE SCF Investor Report (PDF, 159KB), 2015-06 GE SCF Investor Report (PDF, 175KB), 2015-03 GE SCF Investor Report (PDF, 154KB), 2014-12 GE SCF Investor Report (PDF, 158KB), 2014-09 GE SCF Investor Report (PDF, 159KB), 2014-06 GE SCF Investor Report (PDF, 161KB), 2012-12 GE SCF Investor Report (PDF, 155.0KB), 2012-09 GE SCF Investor Report (PDF, 155.0KB), 2012-06 GE SCF Investor Report (PDF, 155.0KB), 2012-03 GE SCF Investor Report (PDF, 156.0KB), 2011-12 GE SCF Investor Report (PDF, 154KB), 2011-09 GE SCF Investor Report (PDF, 156.0KB), 2011-06 GE SCF Investor Report (PDF, 157.0KB), 2011-03 GE SCF Investor Report (PDF, 100.0KB), 2010-12 GE SCF Investor Report (PDF, 101.0KB), 2010-09 GE SCF Investor Report (PDF, 100.0KB), 2010-06 GE SCF Investor Report (PDF, 101.0KB), 2010-03 GE SCF Investor Report (PDF, 101.0KB), 2009-12 GE SCF Investor Report (PDF, 101.0KB), 2009-09 GE SCF Investor Report (PDF, 98.8KB), CAUTION CONCERNING FORWARD LOOKING STATEMENTS. These documents can be obtained free of charge from the sources indicated above. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THESE DOCUMENTS WHEN THEY BECOME AVAILABLE, ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, AND OTHER DOCUMENTS FILED BY GE, WABTEC OR SPINCO WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION. Buy the number of shares of WABTEC per step 1 at a per share price of $73.96. The company has roughly 18,000 employees and facilities located throughout the world. For important information about securities laws and forward-looking statements involving this transaction, please click here. Wabtec is currently in the S&P Midcap 400 index, but its current pre-merger market cap is already above many S&P 500 constituents. General Electric Company confirms that all distributions made on General Electric Company Series D preferred stock in 2016 constitute dividends for purposes of related IRS Forms 1099-DIV and 1042-S reporting , consistent with the tax disclosure included with the prospectus published in connection with the issuance of these securities. Note that this is different from having your signature notarized. I don't know exactly what they are saying, but I think this has to be entered as a dividend (non-stock?). 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.. Original Value. However, GE is pre-funding its pension plan to the tune of $6 billion in 2018 by borrowing the same amount. Otherwise, if your shares are not part of such plans, you must take your certificate(s) to a securities broker to sell the shares. Please send us a letter of instruction signed by all registered owners stating your intent to transfer. 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. Answers to popular and relevant inquiries. Please refer to page two of the Legal Transfer Form for additional document requirements based on your stock transferring situation. Offering a suite of products to help unlock the full potential of additive manufacturing. announced that it had entered into an agreement to sell Shareowner Services to Equiniti Group plc (Equiniti Group). Were deeply proud of GE employees around the world rising to the challenge. 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. GE Transportation Spinoff And Merger With Wabtec Set, GE Shareholders Both companies are expected to benefit from the cyclical tailwinds they are experiencing as industry conditions improve. 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. 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). As a result, the merger is no longer structured as a Reverse Morris Trust and instead will be taxable to GE shareholders. Explore the latest stories, news, downloads, and press tools. The backlog of approximately $18 billion includes about 1,800 new locomotives and approximately 1,000 to be modernized. Lee Samaha has no position in any of the stocks mentioned. GE Transportations innovations help customers deliver goods and services with greater speed and savings using advanced manufacturing techniques and connected machines. The companys culture and experienced global workforce will leverage the common values of innovation, collaboration, inclusiveness, and Lean and continuous improvement, to help solve its customers toughest challenges. Creating the energy technologies of the future and improving the power networks that we depend on today. Wabtec Media Contact First, Wabtec's management estimates that the existing company currently trades on a 2019 EV-to-adjusted EBITDA multiple of 14, but the new Wabtec (which will roughly double in size) will trade on a 2019 EV-to-adjusted EBITDA multiple of just 9, after the tax benefits and synergies start to kick in.