Genesee & Wyoming acquires Australia's FreightLink (12/1/2010)
12/1/2022Today, Genesee & Wyoming Inc. (GWI) announced it has completed the acquisition of Australian railroad FreightLink Pty. Ltd., Asia Pacific Transport Pty. Ltd. (APT) and other related entities. GWI purchased the railroad for $319 million and will assume debt of about $1.7 million. In addition, the short-line holding company will incur transaction-related expenses totaling $23 million in the fourth quarter.
FrieghtLink owns and operates the 1,400-mile Tarcoola-to-Darwin railroad, which connects the Port of Darwin to the Australian interstate rail network in South Australia. The railroad launched operations in 2004, following the construction of the Alice Springs-to-Darwin portion of the line.
“The completion of the FreightLink acquisition heralds a new era for rail in South Australia and the Northern Territory,” said Genesee & Wyoming Australia Managing Director Bert Easthope in a prepared statement. “[FreightLink] is a strategic asset in the development of the mining industry in the Northern Territory and South Australia.”
GWI owns and operates 63 short lines and regionals in the United States, Canada, Australia and the Netherlands.
Source: Progressive Railroading Daily News