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GE to merge with Wabtec in $2.9 billion deal with local impact

General Electric is merging its transportation business with Wabtec Corporation in a $2.9 billion deal that has a local impact. 

GE made the announcement Monday morning. 

Wabtec currently owns Graham-White, a transportation solutions business in Salem.

In exchange for GE's transportation business, Wabtec paid GE about $2.9 billion in cash, and also offered stock shares. GE now has almost one-quarter of ownership of Wabtec. 

For each approximately 186 shares of GE common stock held, a GE shareholder will receive one share of Wabtec common stock.