General Electric confirmed on Monday it will merge its transportation business that makes train engines with Wabtec, a U.S. manufacturer of equipment for the rail industry, in a deal valued at about $11.1 billion.
GE and its shareholders will own 50.1 percent of the combined company, while Wabtec shareholders will own the rest, the companies said in a statement.
Reuters reported on Sunday that a deal valuing the combined business at more than $20 billion could be announced this week.
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