Yes they did. GE sold a portion of GE Transportation to Wabtec and spun-off a portion to shareholders.
GE announced today that it has completed the spinoff and merger of its Transportation business with Wabtec Corporation. GE received approximately $2.9 billion in cash as well as shares of Wabtec common stock and Wabtec nonvoting convertible preferred stock that together represent an approximately 24.9 percent ownership interest in Wabtec. GE shareholders own about 24.3 percent of Wabtec on a fully diluted basis.
The combined company, which is expected to have revenues of more than $8 billion in 2019, has approximately 27,000 employees in 50 countries. It is based in Wilmerding, Pennsylvania.
