Simpson Thacher is representing Genesee & Wyoming Inc. (“G&W”) (NYSE: GWR) in connection with its definitive agreement to acquire Providence and Worcester Railroad Company (“P&W”) (NASDAQ: PWX) for $25 per share, or approximately $126 million. The transaction, which is expected to close in the fourth quarter of 2016, is subject to shareholder approval and other customary closing conditions.
G&W owns or leases 121 freight railroads worldwide that are organized in 10 operating regions with approximately 7,200 employees and more than 2,800 customers. G&W’s eight North American regions serve 41 U.S. states and four Canadian provinces and include 114 short line and regional freight railroads with more than 13,000 track-miles. G&W subsidiaries provide rail service at more than 40 major ports in North America, Australia and Europe and perform contract coal loading and railcar switching for industrial customers.
P&W is headquartered in Worcester, Massachusetts, and operates in Rhode Island, Massachusetts, Connecticut and New York. P&W provides rail service across 163 miles of owned track and over approximately 350 miles under track access agreements.
The Simpson Thacher team includes Anthony Vernace, Gabriela Botifoll and Izzy Lubarsky (M&A); Jamin Koslowe and Nadine Mompremier (ECEB); Gary Mandel and Sophie Staples (Tax); Adeeb Fadil and Noreen Lavan (Environmental); and Krista McManus (Real Estate). Summer Associate Kevin O’Connell provided valuable assistance.