Genesee & Wyoming Strikes Agreement to Acquire Australian Coal Haulage Operation From Glencore
Narrow moat Genesee & Wyoming (G&W) agreed to purchase an Australian coal haulage operation (GRail) from mining company Glencore for $866 million. The business will become part of Genesee & Wyoming Australia (GWA), and the deal will likely close in December. In part to finance the transaction, G&W forged a partnership with infrastructure-investment firm Macquarie Infrastructure and Real Assets, in which G&W will issue a 49% equity stake in its newly expanded GWA-division to M...Genesee & Wyoming owns or leases freight railroads worldwide. The company has three segments: North American Operations, which includes several regions that serve U.S. states and Canadian provinces and includes short line and regional freight railroads; Australian Operations, which serves New South Wales, the Northern Territory and South Australia and operates the Tarcoola-to-Darwin rail line; and U.K./European Operations, which is led by Freightliner Group Limited, a rail maritime intermodal operator and rail freight provider, as well as regional rail services in Continental Europe.
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