May 21, 2018

GE slims down, selling rail unit in $11 billion deal

Dan Primack

Photo by Smith Collection/Gado/Getty Images

General Electric has agreed to sell its railroad business to Wabtec for around $11.1 billion.

Why it's a big deal: This signals that GE chief exec John Flanney is serious about refocusing his struggling company, with GE Lighting also on the block and continued speculation that GE could separate its three major business units.

It also means Wabtec will become one of the world's largest makers of freight locomotives and rail equipment, nearly doubling its current annual revenue.

Deal terms: GE will receive $2.9 billion in cash and a 9.9% stake in the combined company, while GE shareholders will receive a 40.2% stake.

Bottom line: "This is the beginning of the unraveling of General Electric," Andrew Ross Sorkin, CNBC

Go deeper

Axios

Coronavirus updates: New global case numbers surpass China's

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The novel coronavirus is now affecting every continent but Antarctica and the WHO said Wednesday the number of new cases reported outside China has exceeded those inside the country for the first time.

The big picture: COVID-19 has killed more than 2,800 people and infected over 82,000 others in some 50 countries and territories. As Denmark and Estonia reported their first cases Thursday, Scott Morrison, prime minister of Australia — which has 23 confirmed infections — told a news conference, "The risk of a global pandemic is very much upon us."

Go deeperArrowUpdated 40 mins ago - Health
Orion Rummler

Mass shooting in Milwaukee: What we know so far

Milwaukee Mayor Tom Barrett in 2012. Photo: John Gress/Corbis via Getty Images

Six people died in a shooting at the Molson Coors Brewing Company in Milwaukee Molson Coors on Wednesday, including the 51-year-old gunman, Mayor Tom Barrett told reporters at an evening press conference with local police.

Details: All of the victims worked at the brewery complex, as did the shooter who died of "an apparent self-inflicted gunshot wound, police confirmed in a statement late Wednesday.

Go deeperArrowUpdated 2 hours ago - Politics & Policy
Rebecca Falconer

WHO official leads criticism of Trump's coronavirus response

President Trump with members of the new coronavirus task force, including Vice President Mike Pence at the White House on Wednesday. Photo: Tasos Katopodis/Getty Images

Dr. Ezekiel Emanuel, special advisor to the director general of the World Health Organization, told MSNBC Wednesday he found "most" of what President Trump said at his briefing on the novel coronavirus "incoherent."

The big picture: As the number of confirmed cases reaches 60 in the U.S., the top health professional — who was a health policy adviser in the Obama administration — is among several leading figures, in particular, Democrats, to criticize the president for his response to the outbreak.

Go deeperArrow4 hours ago - Health