Providence and Worcester Railroad CompanyNASDAQ
Mon, Aug. 15, 9:02 AM
- Genesee & Wyoming (NYSE:GWR) announced that it acquired Providence and Worcester Railroad Company (NASDAQ:PWX) for $25.00 per share.
- The $126M deal is expected to close following the receipt of P&W shareholder approval in Q4.
- Upon approval by the Surface Transportation Board, P&W would be managed as part of G&W’s Northeast Region.
- The company expects the acquisition to unlock significant cost savings through overhead, operational, and long-term network efficiencies as well as to generate significant new commercial opportunities.
- G&W expects P&W will require approximately $3M of annual capital expenditures and have depreciation and amortization expense of approximately $3M.
- PWX +49.20% premarket to $24.32.
- Source: Press Release