Genesee & Wyoming, a US company that operates short-run railroads in the United States, Canada, Australia and Europe, announced in a press release on Monday that it has agreed to be purchased by private infrastructure investors for $8.4 billion
WASHINGTON (Pakistan Point News / Sputnik - 01st July, 2019) Genesee & Wyoming, a US company that operates short-run railroads in the United States, Canada, Australia and Europe, announced in a press release on Monday that it has agreed to be purchased by private infrastructure investors for $8.4 billion."Genesee & Wyoming Inc. (NYSE:GWR) ("G&W"), together with Brookfield Infrastructure (NYSE: BIP; TSX: BIP.UN), GIC and Brookfield Infrastructure's institutional partners (together referred to as the "Consortium"), are announcing an agreement pursuant to which affiliates of Brookfield Infrastructure and GIC will acquire [Genesee & Wyoming] in a transaction valued at approximately $8.4 billion including debt," the release stated.
Brookfield Infrastructure is a publicly traded limited partnership based in Toronto, Canada, while GIC is a sovereign wealth firm for Singapore.
Genesee & Wyoming is based in the US state of Connecticut and owns a portfolio of 120 short line railroads, predominantly in North America, with operations in Europe and Australia, the release said.
Through its subsidiaries worldwide, the business provides transportation infrastructure services over more than 26,000 kilometers of track, the release added.
The sale will result in Genesee & Wyoming becoming a privately held company, the release said.
The transaction is expected to close by year end or early 2020 and is subject to customary closing conditions, including approval by Genesee & Wyoming stockholders and regulatory approval from Committee on Foreign Investment in the United States, the US Surface Transportation board and certain competition and antitrust approvals, according to the release.
