Bombardier and Alstom say railway deal has received all regulatory approvals

·1 min read

MONTREAL — Bombardier and Alstom say they have received all the necessary regulatory approvals required to complete the US$8.4-billion sale of the Canadian company's railway division to Alstom.

The companies say they now expect the transaction to close on Jan. 29, 2021.

Bombardier has been working to transform itself from a maker of trains and aircraft into a company focused on business jets.

Alstom shareholders voted to approve the deal on Oct. 29.

The sale is expected to make Alstom the second-largest manufacturer of rolling stock, behind China's CRRC.

Alstom has committed to establish its North American headquarters in Montreal, which will oversee 13,000 employees, set up a research centre and improve production at the Bombardier Transport plant in La Pocatiere, where the order book is almost empty.

This report by The Canadian Press was first published Dec. 1, 2020.

Companies in this story: (TSX:BBD.B)

The Canadian Press