Financial acquisitions of G&W, Central Maine & Quebec completed
Just before the start of the new year, deals that resulted in the Genesee & Wyoming (G&W) and the Central Maine & Quebec (CM&Q) changing hands were finalized.
The Surface Transportation Board in November cleared the way for Brookfield Asset Management and GIC, a Singapore wealth fund, to acquire Genesee & Wyoming, which controls Class II and III railroads in 41 states and, if considered collectively, has holdings that qualify it as a Class I carrier with more than 13,000 track miles.
A review by the Committee on Foreign Investment in the United States (CFIUS) permitted the acquisition to be finalized, and completion of the deal was announced Dec. 31. G&W is now a private entity and its stock is no longer traded publicly.
In the case of Canadian Pacific’s acquisition of CM&Q, the federal Surface Transportation Board still must sign off on the deal, which was announced Nov. 20, to make it official. Financial terms were finalized on Dec. 30, CP announced.
Once approved by the STB, CP’s purchase from Fortress Transportation and Infrastructure Investors LLC would give the Class I carrier trackage and facilities from St. Jean, Quebec, Canada, to Searsport, Maine.
SMART Transportation Division represents 52 members on the CM&Q in the Transportation, Mechanical and Engineering Departments who belong to GO-049, which is represented by General Chairman Rick Lee. CM&Q owns 481 miles of rail lines primarily in Quebec and Maine.