Genesee & Wyoming buys Arizona railroad
Short-line railroad company Genesee & Wyoming said it has completed its acquisition of the Arizona Eastern Railway from Iowa Pacific Holdings LLC for $90.1 million in cash, subject to final working capital.
Headquartered near Miami, Ariz., AZER is composed of two rail lines operating more than 200 track miles in Southeast Arizona and Southwest New Mexico that are connected by 52 miles of trackage rights over the Union Pacific Railroad.
Genesee & Wyoming owns and operates short line and regional freight railroads, and provides railcar switching services in the United States, Australia, Canada, the Netherlands and Belgium. In addition, it operates the Tarcoola to Darwin rail line, which links the Port of Darwin to the Australian interstate rail network in South Australia. Operations include 64 railroads. It provides rail service at 17 ports in North America and Europe and performs contract coal loading and railcar switching for industrial customers.