May 21, 2018 / 11:11 AM / 3 months ago

GE merges transportation unit with Wabtec in $11.1 bln deal

May 21 (Reuters) - General Electric Co confirmed on Monday it will merge its transportation business that makes train engines with Wabtec Corp, a U.S. manufacturer of equipment for the rail industry, in a deal valued at about $11.1 billion.

GE and its shareholders will own 50.1 percent of the combined company, while Wabtec shareholders will own the rest, the companies said in a statement.

Reuters reported on Sunday that a deal valuing the combined business at more than $20 billion could be announced this week. (Reporting by Rachit Vats in Bengaluru; editing by Patrick Graham)

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