Westinghouse Air Brake Technologies Corporation $1.5 Billion Secondary Offering
Davis Polk advised General Electric Company in connection with the SEC-registered secondary offering of 20,485,156 shares of common stock of Westinghouse Air Brake Technologies Corporation (“Wabtec”), including 3,515,464 shares of common stock issuable upon the conversion of approximately 1,219.9922 shares of Series A non-voting convertible preferred stock sold to the underwriters by GE. GE received the shares in connection with the merger of Wabtec and GE Transportation, which closed on February 25, 2019. Wabtec’s common stock is listed on the New York Stock Exchange under the symbol “WAB.”
Wabtec is one of the world’s largest providers of value-added, technology-based equipment, systems and services for the global passenger transit and freight rail industries. GE is a leading global high-tech industrial company, with products and services ranging from aircraft engines, power generation and oil and gas production equipment to medical imaging, financing and industrial products.
The Davis Polk capital markets team included partner John B. Meade and associates Dan Gibbons and Johnathan M. Nixon. The tax team included Managing Partner Neil Barr and partners William A. Curran and Patrick E. Sigmon. All members of the Davis Polk team are based in the New York office.