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Article: Genesee & Wyoming's Joint Venture with Wesfarmers Selected as Winning Bidder for Westrail Freight.
- Article from:
- PR Newswire
- Article date:
- October 30, 2000
CopyrightCOPYRIGHT 2000 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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GREENWICH, Conn., Oct. 30 /PRNewswire/ --
Genesee & Wyoming, Inc. (GWI) (Nasdaq: GNWR) announced today that its newly formed joint venture, Australian Railroad Group Pty Ltd (ARG), has signed an agreement with the government of Western Australia to purchase Westrail Freight for approximately $323 million including working capital and acquisition fees. The completion of the transaction is subject to customary closing conditions and is expected by the end of 2000. ARG is a joint venture owned 50% by GWI and 50% by Wesfarmers Limited, a public corporation based in Perth, Western Australia.
Westrail Freight is composed of the freight operations of the ...