PWX
Providence and Worcester Railroad CompanyNASDAQ
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  • 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
    | Mon, Aug. 15, 9:02 AM