Westinghouse Air Brake Technologies Corporation’s $1.9 Billion Secondary Offering

Davis Polk advised General Electric Company. hearman & Sterling advised Morgan Stanley, Goldman Sachs & Co. LLC, BofA Merrill Lynch and Citigroup.

General Electric Company complited SEC-registered secondary offering of 25,300,000 shares of common stock of Westinghouse Air Brake Technologies Corporation, issuable upon the conversion of approximately 8,780.0078 shares of Series A non-voting convertible preferred stock sold to the underwriters by GE, which included the full exercise of the underwriters’ option to purchase additional shares.

GE received the preferred 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 (Picture) and associate Dan Gibbons. The equity derivatives team included partner Derek Walters and associate Divon Rathgeber. The tax team included partners Neil Barr and William A. Curran, counsel Patrick E. Sigmon and associate Daniel L. Jose.

Involved fees earner: Neil Barr – Davis Polk & Wardwell; William Curran – Davis Polk & Wardwell; Dan Gibbons – Davis Polk & Wardwell; Daniel Jose – Davis Polk & Wardwell; John Meade – Davis Polk & Wardwell; Divon Rathgeber – Davis Polk & Wardwell; Patrick Sigmon – Davis Polk & Wardwell; Derek Walters – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: General Electric (GE);

Author: Ambrogio Visconti