US railfreight group Genesee & Wyoming Inc. has announced the acquisition of a majority stake in the Freighliner Group. Initially, G&W will purchase approximately 95% of the shares for a total sum of £490 million, as well as £8.5m in net debt and capitalised leases.
The remaining 5% of the shares will continue to be held by the Freightliner management until 2020. By then, G&W plans to have full ownership by acquiring all remaining shares. The initial transaction is expected to have been completed in the first quarter of 2015.
Freightliner Group currently has railfreight operations in the UK (Freightliner), the Netherlands (ERS Railways), Germany (Freightliner DE), Poland (Freightliner PL) and Australia (Freightliner Australia). G&W hopes to create extensive operational synergies as it already operates in the Netherlands and Belgium through subsidiary Rotterdam Rail Feeding and in Australia through subsidiary Genesee & Wyoming Australia.
(Genesee & Wyoming/BG)