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Rail News: M&A

RailAmerica: Australian competition commission gives Freight Australia sale stamp of approval


It's one down and one to go for RailAmerica Inc. Yesterday, the short-line holding company announced the Australian Competition and Consumer Commission (ACCC) approved RailAmerica's sale of Freight Australia to Australian-based rail-freight logistics firm Pacific National.

In March, RailAmerica reached an agreement with Pacific National to sell Freight Australia for $200 million, subject to approval by the ACCC and state of Victoria. RailAmerica officials expected to close the transaction in the second quarter, but because of the timing of ACCC's consent and Victoria's pending approval process, the closing will be delayed until sometime during the third quarter.

"We believe that Pacific National has all the credentials to further develop freight services in Victoria," said RailAmerica Chairman Gus Pagonis in a prepared statement. "Our team is now concentrating on securing the state of Victoria approval and concluding this sale."

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More News from 7/2/2004