Article: Genesee & Wyoming's Joint Venture with Wesfarmers Selected as Winning Bidder for Westrail Freight.

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 ...

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