The deal takes the company private, with each share of stock receiving $112 cash. [See “Genesee & Wyoming sold in $8.4 billion deal,” Trains News Wire, July 1, 2019.] As a result, the company ceased trading on the New York Stock Exchange prior to today’s opening of the market.
“This transaction is an excellent outcome for all G&W stakeholders,” Genesee & Wyoming CEO Jack Hellmann said in a press release. “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. 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 operates 113 short lines in 42 U.S. states and four Canadian provinces. It also has operations in Europe and Australia, although the company is in the process of selling the Australian operation to its minority shareholder [see “G&W to sell stake in Australian operations as it goes private,” Trains News Wire, Aug. 2, 2019.]
