Wabtec (WAB) Announces DOJ Filing of Proposed Consent Decree Related to Faiveley Deal; Calls for Asset Sales

October 26, 2016 3:07 PM EDT

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Wabtec Corporation (NYSE: WAB) said the U.S. Department of Justice has filed a proposed consent decree with the U.S. District Court in Washington, D.C. to approve Wabtec’s combination with Faiveley Transport S.A.The proposed consent decree is seeking approval of a settlement resolving the DOJ’s concerns about the acquisition. The settlement is conditioned upon the sale of certain U.S. assets owned by Faiveley. Terms of the sale have already been agreed upon with the buyer and approved by the DOJ.

As previously disclosed, completion of the proposed combination of Wabtec and Faiveley Transport also remains subject to the European Commission’s approval of the buyer of Faiveley Transport Gennevilliers, the sintered brake material activity of Faiveley Transport.

After these divestitures have been completed, the acquisition of the Faiveley family stake by Wabtec is expected to occur in November 2016.Wabtec Corporation is a global provider of value-added, technology-based products and services for freight rail, passenger transit and other industrial segments. Faiveley Transport is a global supplier of high added value integrated systems for the railway industry.

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