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Rail News: M&A
Brookfield Infrastructure acquires Genesee & Wyoming
Genesee & Wyoming Inc. announced on Dec. 30 the completion of its previously announced sale to affiliates of Brookfield Infrastructure Partners LP and GIC.
Under the sale's terms, each issued and outstanding share of G&W common stock is converted into the right to receive $112 in cash, G&W officials said in a press release.
As a result of the completion of the sale, G&W’s common stock ceased trading on the New York Stock Exchange prior to market open on Dec. 30 and will no longer be listed for trading on the NYSE.
“For our customers, employees, and Class I partners, the long-term investment horizon of Brookfield and GIC is perfectly aligned with the long lives of G&W railroad assets," said G&W Chief Executive Officer Jack Hellmann. "We look forward to building on G&W’s track record of safety, service excellence and commercial growth as we become an important component of a portfolio of global infrastructure assets."
G&W announced in July 2019 that it would be acquired through a transaction valued at $8.4 billion, including outstanding debt.
G&W owns or leases 119 freight railroads organized in locally managed operating regions with 8,000 employees serving 3,000 customers.
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