Shearman & Sterling advised the underwriters in connection with General Electric Company’s (GE) sale of Series A non-voting convertible preferred shares in Westinghouse Airbrake Technologies Corporation (“Wabtec”), which upon sale to the underwriters converted into 25,300,000 shares of common stock, at a public offering price of $73.50 per share, resulting in aggregate proceeds to GE of $1,859,550,000. The offering included 3,300,000 shares sold pursuant to the exercise of the option to purchase additional shares granted to the underwriters by GE in connection with the offering.
Morgan Stanley and Goldman Sachs & Co. LLC acted as joint lead book-running managers. BofA Merrill Lynch and Citigroup acted as joint book-running managers for the offering. BBVA, BNP Paribas, COMMERZBANK, HSBC, PNC Capital Markets LLC, Santander, Stephens Inc. and William Blair acted as co-managers.
Wabtec is one of the largest providers of value-added, technology-based equipment, systems and services for the global passenger transit and freight rail industries. Through its subsidiaries, Wabtec manufactures a range of products for locomotives, freight cars and passenger transit vehicles. Wabtec also builds new switcher and commuter locomotives, and provides aftermarket services. Wabtec has roughly 18,000 employees and facilities located throughout the world.
The Shearman & Sterling team below also included associate Michael Perez.