Genesee & Wyoming being taken private in $6.37B deal

Business
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DARIEN, Conn. (AP) — Railroad operator Genesee & Wyoming is being taken private by Brookfield Infrastructure and GIC in a deal valued at about $6.37 billion.

Genesee & Wyoming Inc. owns 120 short line railroads, mostly in North America, with operations in Europe and Australia. Through its subsidiaries worldwide, it provides transportation infrastructure services over more than 26,000 kilometers of track.

G&W shareholders will receive $112 in cash for each share held. The companies put the deal’s value at $8.4 billion, including debt.

The transaction is expected to close by year-end or early next year. It needs approval from G&W stockholders, the Committee on Foreign Investment in the United States, the U.S. Surface Transportation Board, and certain competition and antitrust approvals.

G&W’s stock surged 9% in Monday premarket trading.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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