Wabtec acquires Evident Inspection Technologies for $1.78B; expects H1 2025 close

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP

Purchase price $1.78B ($1.68B after tax benefits); 12.0x projected 2025 Adj. EBITDA.
Evident 2024 revenue ~$433M, EBITDA ~$112M (25.9% margin); ~68% recurring revenue.
Expands Digital Intelligence TAM from $8B to $16B; accretive to Adj. EPS in year one.
Expected H1 2025 close; $25M run-rate cost synergies identified; regulatory approvals pending.
Evident has 1,300+ team members and four engineering/production facilities in North America and Japan.

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