BRX Transportation to acquire Pioneer Railcorp (5/17/2019)
5/17/2024Pioneer Railcorp today announced it has entered into a merger agreement under which BRX Transportation Holdings LLC will acquire the railroad holding company for $18.81 per share in cash.
Pioneer Railcorp is the parent company of 17 short lines, an equipment leasing company, two service companies and a contract services switching company.
Under the agreement terms, BRX will acquire all of the outstanding shares of Pioneer's Class A common stock. Shareholders other than Pioneer's subsidiary, Heartland Rail Investments LLC, will receive $18.81 per share in cash and the Heartland shares will be canceled without consideration, according to a Pioneer press release.
The merger is subject to closing conditions, including approval by Pioneer's shareholders, Surface Transportation Board approval and certain operating performance by Pioneer.
The transaction is expected to close in third-quarter 2019.
Source: Progressive Railroading Daily News