GWA completes GRail acquisition
Published by Jonathan Rowland,
Editor
Dry Bulk,
Genesee & Wyoming Australia (GWA) has completed its acquisition of Glencore’s rail operations (GRail). The company bought GRail for AUS$1.14 billion; the GRail assets included nine train sets, comprising 30 locomotives and 894 wagons.
Concurrently, GWA issues a 49% equity stake in GWA to funds and clients managed by Macquarie Infrastructure and Real Assets.
GWA also concluded a long-term take-or-pay contract with Glencore Coal Pty Ltd that gives GWA the exclusive right to haul all coal produced at Glencore’s coal mines in the Hunter Valley of New South Wales to the Port of Newcastle.
“The acquisitions strengthens GWA’s nationwide footprint in Australia, adding a significant presence in the Hunter Valley coal supply chain and complementing GWA’s existing intermodal, agricultural and mining business in South Australia and the Northern Territory,” the company said in a press release.
GWA is a subsidiary of US-based Genesee & Wyoming, which operated railroads in the US and Canada, as well as in Europe through its Freightliner subsidiary.
Read the article online at: https://www.drybulkmagazine.com/rail-barge/05122016/gwa-completes-grail-acquisition/
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