Rail operator Genesee & Wyoming plans to buy RailAmerica for about $1.39 billion

The Genesee & Wyoming logo. THE CANADIAN PRESS/AP, PRNewsFoto

July 23, 2012 - 7:20 AM

GREENWICH, Conn. - Genesee & Wyoming says it will buy fellow regional railroad operator RailAmerica for about US$1.39 billion in cash.

The Greenwich, Conn., company will pay $27.50 for each share of RailAmerica Inc., which is based in Jacksonville, Fla.

The price represents a premium of nearly 11 per cent over RailAmerica's closing price of $24.81 on Friday.

Genesee & Wyoming Inc. says the deal will combine the two largest short line and regional rail operators in North America and strengthen its ability to serve its industrial customers.

The U.S. Surface Transportation Board still must approve the deal. The companies say that could happen by the fourth quarter.

RailAmerica announced in May that it was considering strategic alternatives, including a possible sale.

News from © The Associated Press, 2012

More News ...

iN RESPONSE: Readers have their say
Following are emailed reader responses to stories or letters to the editor for the first week of May 2024. They have been edited slightly for readability. Got something you want to add? Send an email to editor Marshall Jones at mjone

From frost to drought: Strong start to Okanagan asparagus season despite challenges
It’s finally asparagus season at a North Okanagan farm after cooler spring weather pushed back the predicted start date, and all hands are on deck picking the crunchy green spears. For the past few weeks, overnight sub-zero temperatur

As the US moves to reclassify marijuana as a less dangerous drug, could more states legalize it?
As the U.S. government moves toward reclassifying marijuana as a less dangerous drug, there may be little immediate impact in the dozen states that have not already legalized cannabis for widespread medical or recreational use by adults. Bu

More real estate listings and lower prices in Kamloops, Okanagan
A recent real estate report has good news for home buyers in the southern Interior. There are more houses on the market and lower prices around Kamloops and the Okanagan. The Association of Interior Realtors released its report for April to

Popular kelowna News

Man in critical condition after downtown Kamloops assault
Kamloops RCMP are investigating a downtown assault that left one man in the hospital and another in custody. Kamloops RCMP received a report about a fight involving a weapon in the 100-block
May 05, 2024 10:30 AM
Penticton gas station owner ordered off band land
The owners of a gas station on Penticton Indian Band land is now facing a deadline to vacate the reserve after a court ruled its lease, signed by the locatee, was useless. William D. Vandeke
May 06, 2024 7:00 AM
'Pretty cool': Vancouver FC plans to make an announcement in Kelowna
Vancouver Football Club and the City of Kelowna have a big announcement planned this week but very few details have been released. The soccer club issued an invitation to media today, May 6,
May 06, 2024 11:30 AM
Former Penticton woman gets $1.8M for accident before ICBC's no fault insurance
A former Penticton woman struggling to recover from a horrific motorcycle crash has been awarded $1.8 million in damages. It’s an unusually high award. The money is meant to cover her
May 03, 2024 7:00 AM
String of shootings in Kamloops believed to be ongoing drug dealer conflict
Kamloops RCMP have responded to three shootings in the past three days, police believe it is an ongoing conflict between drug traffickers. Police received a report about gunshots in the 800-
May 05, 2024 9:00 AM

Trending Now

TRENDING NOW: This guy wants to make enemies apparently

View Site in: Desktop | Mobile

Rail operator Genesee & Wyoming plans to buy RailAmerica for about $1.39 billion

Trending Now

Kamloops

Kelowna

Penticton

Vernon