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Genesee & Wyoming Inc. (GWI) now owns 51 regionals and short lines in the United States, Canada, Australia and Netherlands. Today, the holding company announced it completed the acquisition of CAGY Industries Inc. — which owns three U.S. short lines — for $78.4 million in cash.

Former CAGY subsidiaries Columbus & Greenville Railway, Chattooga & Chickamauga Railway, and Luxapalila Valley Railroad join GWI's rail holdings, which are organized in nine regions. GWI also owns a minority interest in a Bolivian railroad. The three CAGY short lines operate more than 280 miles of track in Alabama, Georgia, Mississippi and Tennessee.

GWI reached a deal to acquire CAGY in April. Under the deal's terms, the total cash payment will be adjusted for final working capital and GWI will pay contingent consideration up to $18.6 million after satisfying certain conditions over the next two years.