Faiveley Transport and Wabtec receive final regulatory approval for their proposed combination Closing expected for November 30, 2016
Gennevilliers, 23 November 2016
The European Commission approved today the proposed purchaser of Faiveley Transport Gennevilliers (FTG), the sintered brake material company of Faiveley Transport.
Following the consent decree by the U.S. Department of Justice, this approval by the European Commission was the last regulatory clearance required to complete the proposed combination between Faiveley Transport and Wabtec.
The acquisition of the Faiveley family stake by Wabtec is expected to occur on November 30, 2016. Following this change of control, Wabtec will file the public tender offer with the AMF (French financial markets authority) in December 2016.
Darrois Villey Maillot Brochier and Wachtell Lipton Rosen & Katz acted as anti-trust legal advisors to Faiveley Transport, respectively in Europe and in the US.
About Faiveley Transport
Faiveley Transport is a global supplier of high value added integrated systems for the railway industry. With more than 6,000 employees in 24 countries, Faiveley Transport generated sales of €1,105 million in the 2015/2016 financial year. The Group supplies manufacturers, operators and railway maintenance bodies worldwide with the most comprehensive range of systems in the market: Energy & Comfort (air conditioning systems, power collection and passenger information), Access & Mobility (passenger access systems and platform doors), Brakes & Safety (braking systems and couplers) and Services.
Faiveley Transport is listed on Euronext Paris and is a component of the CAC Allshare and CAC Mid & Small indices Compartment A, ISIN: FR0000053142, Tickers: Bloomberg: LEY FP / Reuters: LEY.FP
About Wabtec Corporation:
Wabtec Corporation, with 2015 sales of about $3.3 billion, is a global provider of value-added, technology-based products and services for freight rail, passenger transit and other industrial segments. The company manufactures a range of products for locomotives, freight cars and passenger transit vehicles, new switcher and commuter locomotives and provides aftermarket services Wabtec is listed on the New York Stock Exchange under the ticker "WAB". The company is a component of the S&P Mid-Cap 400.
Disclaimer: This press release includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause expected results to differ. Although Faiveley Transport believes that its expectations and the information in this press release were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the expected results will be as set out in this press release. Neither Faiveley Transport nor any other company within the Faiveley Transport Group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the press release, and neither Faiveley Transport, any other company within the Faiveley Transport Group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the press release. The public tender offer planned by Wabtec will be submitted to examination and visa by the French Autorité des Marchés Financiers. Wabtec and Faiveley Transport will respectively establish a draft offer memorandum and a draft memorandum in response which will be available on their respective websites and that of the Autorité des Marchés Financiers.
Contacts: Guillaume Bouhours Chief Financial Officer guillaume.bouhours@faiveleytransport.com
Charlotte Rougeron Communications manager charlotte.rougeron@faiveleytransport.com
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