Wabtec Corp. will combine with GE Transportation, a unit of General Electric, making Wabtec a Fortune 500 global transportation player in rail equipment, software and services, with operations in more than 50 countries.

Under the agreement GE will receive $2.9 billion in cash at closing. GE and its shareholders will receive a 50.1 percent ownership interest in the combined company, with Wabtec shareholders retaining 49.9 percent.

Wabtec (derived from Westinghouse Air Brake Technologies Corp.) was formed by the merger of the Westinghouse Air Brake Co. and MotivePower Industries Corp. in 1999. The Westinghouse unit was founded iin 1869.

Through its subsidiaries, Wabtec manufactures a range of products for locomotives, freight cars and passenger transit vehicles. The company also builds new switcher and commuter locomotives, and provides aftermarket services. The company has roughly 18,000 employees and facilities located throughout the world. For the fiscal year ended Dec. 31, 2017, Wabtec generated approximately $3.9 billion in revenue

GE Transportation employs approximately 9,000 employees worldwide. It has a backlog of roughly $18 billion, including 1,800 new locomotives and 1,000 locomotive modernized units. For the fiscal year ended Dec. 31, 2017, GE Transportation generated approximately $3.9 billion in revenue.

Following completion of the sale, Wabtec’s corporate headquarters will remain in Wilmerding, Penn. Wabtec’s Freight Segment will be based in Chicago, and Wabtec’s Transit Segment headquarters will remain in Paris.

Under terms of the deal, GE will designate for nomination three independent board members. Based on Wabtec’s stock price on April 19, the value of the transaction is approximately $11.1 billion.