Canadian Pacific Railway train through Banff National Park, Canada. - stock photo. Credit: Natapong Supalertsophon / Getty Images
Canadian Pacific Railway Ltd. has agreed to buy Kansas City Southern for $25 billion in cash and stock, creating the first rail network linking the United States, Mexico, and Canada.
The deal values Kansas City Southern at $275 a share, based on Friday’s stock prices. Kansas City Southern shares closed Friday at $224 on the New York Stock Exchange.
The acquisition would need the approval of a U.S. regulator, the Surface Transportation Board. The companies said they expect the process to take until mid-2022.
The combined company would operate about 20,000 miles of railway, employ 20,000 people and generate annual revenue of about $8.7 billion. In a joint statement, the railroads said their merger is “expected to create jobs across the combined network.’’
They also said the deal would allow their customers seamless transportation throughout much of the U.S., Canada and Mexico.
The three countries last year entered into a revamped regional trade pact, negotiated by President Donald Trump, that is expected to encourage trade and investment across North America. Canadian Pacific CEO Keith Creel said that the so-called U.S.-Mexico-Canada Agreement “makes the efficient integration of the continent’s supply chains more important than ever before.’’
Featherie, a line of sustainable and functional golf wear for girls, fills a void in the market, catering to the increasing number of female junior golfers.
The CEO of LiveOne, Rob Ellin, discusses the DOJ's lawsuit against Live Nation and Ticketmaster, how will if affect you and the future of live events. Watch!
Nvidia did a record $26 billion in sales in the latest quarter. And get ready for the stock to keep climbing, because the A.I. boom is just getting started.
In honor of National Cancer Research Month, Perspective Therapeutics discusses its latest treatment — currently in clinical trials — that targets cancer cells d
