Genesee & Wyoming completes acquisition of Providence and Worcester Railroad
Genesee & Wyoming (G&W) announced that it has completed the acquisition of Providence and Worcester Railroad Company (P&W) for $25.00 per share, or approximately $126m.
Immediately following the closing of the acquisition, G&W transferred the stock of P&W to a voting trust with R. Lawrence McCaffrey appointed as trustee.
The trust will remain in effect until the U.S. Surface Transportation Board (STB) approves G&W’s control of P&W, which is anticipated to occur in the fourth quarter of 2016. Upon receipt of STB approval, P&W would be managed as part of G&W’s Northeast Region, led by Senior Vice President Dave Ebbrecht.
Headquartered in Worcester, Mass., and operating in Rhode Island, Massachusetts, Connecticut and New York, P&W is contiguous with G&W’s New England Central Railroad (NECR) and Connecticut Southern Railroad (CSO). P&W serves a diverse mix of aggregates, auto, chemicals, metals and lumber customers, handling approximately 43,000 carloads and intermodal units annually.
In addition, P&W provides rail service to three ports (Providence, Davisville and New Haven) and to a U.S. Customs bonded intermodal terminal in Worcester.
Genesee & Wyoming owns or leases 121 freight railroads worldwide that are organized in 10 operating regions with approximately 7,200 employees and more than 2,800 customers.
G&W’s eight North American regions serve 41 U.S. states and four Canadian provinces and include 113 short line and regional freight railroads with more than 13,000 track-miles.
G&W’s Australia Region provides rail freight services in New South Wales, the Northern Territory and South Australia and operates the 1,400-mile Tarcoola-to-Darwin rail line.
G&W’s U.K./Europe Region is led by Freightliner, the U.K.’s largest rail maritime intermodal operator and second-largest rail freight company. Operations also include heavy-haul in Poland and Germany and cross-border intermodal services connecting Northern European seaports with key industrial regions throughout the continent.
G&W subsidiaries provide rail service at more than 40 major ports in North America, Australia and Europe and perform contract coal loading and railcar switching for industrial customers.
Source: Company Press Release