M&A

SkyWater anticipates growing demand for domestically-sourced semiconductors.

Wells Fargo is selling its rail leasing equipment business to a joint venture of GATX Corp. and Brookfield Infrastructure.

Ocean carrier CMA CGM continues to invest in air cargo. The latest moves include the acquisition of troubled Air Belgium and its logistics subsidiary launching a China-U.S. air charter service.

Germany’s DHL Group is acquiring U.S.-based CryoPDP to boost its health care logistics business.

The cloud-based TMS provider was founded in 2013.

Wabtec says it is acquiring Dellner Couplers, a Swedish manufacturer of passenger couplers and equipment, in a $960 million deal.

With the next Trump administration expected to drive regulatory changes, experts anticipate a surge in M&A activity across retail, e-commerce and FreightTech, as companies like Amazon and DoorDash look to expand in a pro-business environment.

The growth of cross-border e-commerce shipping influenced investment house Stonepeak’s decision to acquire Air Transport Services Group.

Over the past five quarters, Blue Yonder has spent over $1 billion in supply chain acquisitions, including Doddle and Flexis AG.

Logistics companies are starting again to look for acquisitions that can help them better compete across modes, services and geographies.

Canadian railway CN is acquiring family-owned Iowa Northern Railway, a 275-mile short-line railroad serving the Upper Midwest.

The freight market downturn has made profitability elusive.

3i Infrastructure-backed Regional Rail is adding Clinton Terminal Railroad to its assets in North Carolina.

Canadian Pacific Kansas City, or CPKC, marked its first day as the merged company of CP and KCS on Friday.

Canadian Pacific laid out who will be in key leadership roles after the company merges with Kansas City Southern in April.

Shippers and others weigh in on the Surface Transportation Board approving the railroad merger of Canadian Pacific and Kansas City Southern.

Los inversionistas en infraestructuras y los gobiernos locales buscan la presencia del ferrocarril en el desarrollo de proyectos

The railroads must work with other supply chain stakeholders and even consider sharing infrastructure in order to maintain an integral role within the broader freight transportation network, experts said at the Transportation Research Board’s annual meeting.

The German national railway is looking to sell off its DB Schenker logistics business if it can get a good price.

Promoting competition, Laredo’s rail conversion potential and passenger rail in Louisiana were among the themes explored in the second half of the seven-day hearing proceeding on the CP-KCS merger.

The Surface Transportation Board logged over 25 hours last week to hear from stakeholders about the advantages and drawbacks of the proposed Canadian Pacific and Kansas City Southern merger.

A Canadian whistleblower wants STB to press CP on how it plans to operate its private police force in the U.S. after its merger with Kansas City Southern.

Canadian Pacific has won clearance from U.S. regulators for its KCS acquisition and has reached a labor agreement with union leaders for train and engine employees.

Florida-based Patriot Rail plans to acquire Denver-based Pioneer Lines. Both companies operate short-line railroads in multiple states.

Senators and two U.S. House representatives from Illinois object to the railway merger between Canadian Pacific and Kansas City Southern as currently proposed, saying the Surface Transportation Board should respond to their constituents’ concerns.

La STB también deniega las solicitudes en el procedimiento sobre el deseo de Amtrak de la Costa del Golfo de establecer un servicio ferroviario de pasajeros

The Surface Transportation Board will conduct a three-day hearing in late September to find out from Canadian Pacific and Kansas City Southern directly about issues related to the railways’ proposed merger.

The STB is sifting through hundreds of pages on the perceived advantages and disadvantages of a merger between Canadian Pacific and Kansas City Southern.

Three commissioners of the Federal Maritime Commission contend a merger between Canadian Pacific and Kansas City Southern would result in diverting U.S.-bound intermodal traffic to Canadian ports.

CSX has completed its acquisition of New England short line Pan Am Railways. CSX first announced plans to acquire Pan Am in November 2020.

This FreightWaves Future of Supply Chain chat covers how Unilever considers supply chains, technology and growth in mergers and acquisitions.

Canadian Pacific believes its acquisition of Kansas City Southern is still on pace to receive federal approval sometime early next year.

The Surface Transportation Board gives the green light for CSX to acquire Pan Am Railways.

Big companies are finding it increasingly difficult to make big deals that can get regulatory approval in the U.S. and other countries.

Many industries are differentiating between all-in providers and specialists.

CN and three other Class I railroads outlined to the Surface Transportation Board conditions that should be met before the board approves a merger between Canadian Pacific and Kansas City Southern.

From capital investments to competitive access, issues that CSX has brought before the Surface Transportation Board reflect concerns facing the freight rail industry as a whole.

CN is asking the Surface Transportation Board to require Canadian Pacific to divest KCS’ Springfield Line in Missouri and Illinois to help ensure competition.

Canadian Pacific and CSX want to show federal regulators and the broader public that they have widespread support for their proposed acquisitions.

Auxo Investment Partners explains rationale for why it chose to invest in rail service providers.

Canadian Pacific has formally completed its acquisition of Kansas City Southern, and now both companies are waiting for the Surface Transportation Board to approve the merger.

Tony Mulvey looks at the latest industry mergers and acquisitions on this episode of Great Quarter, Guys.

Two agencies in Mexico have given their approval of the proposed merger between Canadian Pacific and Kansas City Southern.

The STB is allowing the merger application of Canadian Pacific and Kansas City Southern to proceed as is, rejecting Union Pacific’s concerns over the application’s completeness.

“Leaders should realize that you’re not going to get a lot of benefit by trying to build volume with negative margins. The goal here is to be focused on value-adding technology and cloud adoption, not in volume building,” says Loadsmart co-founder and co-CEO Felipe Capella.

The railroad says CP’s and KCS’ traffic diversion analysis is incomplete, and so the board should compel CP and KCS to revise its merger application.

Private ownership would allow Echo to accelerate M&A and technology investments.

Canadian Pacific and Kansas City Southern submit a joint application before the Surface Transportation Board asking to consolidate the two railroads while CN adds a rail and technology expert to its board.

The board affirms its previous approval of Canadian Pacific’s voting trust application.

El mercado para la compra y venta de proveedores logísticos a terceros y corredores de carga está al rojo vivo, según los banqueros de inversión de Capstone Partners, Burke Smith y Nathan Feldman.

More M&A isn’t on the immediate horizon but final-mile delivery is.

Capstone Partners explains why brokerages are so expensive.

CN is seeking to generate CA$700 million in additional operating income in 2022 through cutting labor and operational costs and seeking pricing opportunities.

Expanding intermodal, grain and automotive offerings would be part of the growth strategy pursued by a merged Kansas City Southern-Canadian Pacific.

Kansas City Southern returns to its old flame and opts to merge with Canadian Pacific. Rival railway CN acknowledges its merger plans have been scrapped.

Major CN shareholder TCI Fund Management wants CN’s board to have more operational experience. The company is also still pushing for the removal of CN’s current CEO.

Kansas City Southern is returning to its original merger partner after federal regulators rejected CN’s proposed voting trust, which would’ve been used to acquire KCS.

Kansas City Southern shareholders pushed back a vote on whether to approve CN’s merger agreement to Sept. 24.

Stakeholders and observers such as Amtrak, Canadian Pacific and the Vermont Department of Transportation want the Surface Transportation Board to consider placing conditions that would bolster both competitive access and passenger rail service.

Kansas City Southern shareholders must decide whether to continue to pursue merger plans with CN or go with Canadian Pacific.

The Surface Transportation Board rejected CN’s application to establish a voting trust, which would be used as part of the process to acquire Kansas City Southern.

KCS’ board of directors confirmed plans to postpone the shareholder vote on the CN-KCS merger agreement until after the Surface Transportation Board renders a decision on CN’s proposed voting trust.

Kansas City Southern declined Canadian Pacific’s revised bid, opting to stick with CN. But a shareholder vote to approve the CN-KCS merger agreement could be held off if the Surface Transportation Board doesn’t issue its decision on CN’s voting trust by Tuesday.

CP is offering a stock-and-cash “superior proposal” worth an estimated US$31 billion.

Kansas City Southern told its shareholders to focus on the proposed CN-KCS merger transaction and not on Canadian Pacific’s attempts to cast doubt on the merger’s chances of being approved by federal regulators.

The Surface Transportation Board has accepted CSX’s revised application to acquire Pan Am Railways, allowing the acquisition proceedings to continue.

SMART-TD must negotiate with Class I railroads on train crew size; Rail Customer Coalition calls on STB to take up reciprocal switching; ASLRRA praises progress on infrastructure bill; and Canadian Pacific urges KCS shareholders to vote against the proposed CN-KCS merger.

Rep. Peter DeFazio, D-Ore., doesn’t want federal regulators to approve a voting trust that Canadian railway CN would establish as part of the process to acquire Kansas City Southern.

CSX hopes an expanded application containing a more in-depth market analysis will persuade the Surface Transportation Board to approve CSX’s request to acquire Pan Am.

Monday is the last day that stakeholders can express their views to the Surface Transportation Board over CN’s proposed voting trust that will be used to acquire KCS. Canadian Pacific says it has the support of North Dakota congressional leaders, while CN touts support from Gulf Coast and southern Plains leaders.

Canadian Pacific and CN each say they have the backing of Upper Midwest grain shippers as both seek to merge with Kansas City Southern.

CN and Canadian Pacific are rounding up support for their respective plans to acquire Kansas City Southern. Regulators are accepting public comments on CN’s voting trust through next Monday. CN would use the voting trust as part of the process to acquire KCS.

CN continues to insist that it has widespread support for its plans to acquire Kansas City Southern. That support includes the voting trust proposal that CN would use as part of the merger process.

The Surface Transportation Board is accepting public comments on CN’s and Kansas City Southern’s voting trust proposal. KCS asserts its financial strength while Canadian Pacific circulates a union’s negative feedback on the CN-KCS merger.

Former Surface Transportation Board Vice Chairman William Clyburn Jr. recommends that STB approve the voting trust proposed by CN and Kansas City Southern.

A trio of shippers groups, CN, Kansas City Southern and Canadian Pacific offer their takes on whether the voting trust associated with the proposed CN-KCS merger is or isn’t in the public interest.

The American Chemistry Council, which represents chemicals shippers, wants the Surface Transportation Board to scrutinize proposed Class I rail mergers to ensure that shippers don’t encounter reduced offerings.

CSX needs more data in its market analysis, the Surface Transportation Board said. CSX plans to resubmit its application.

To sweeten the voting trust application before regulators, CN and Kansas City Southern are offering to divest 70 miles of a KCS line in an area of Louisiana where both railroads have competing lines in order to create an “end-to-end” network.

Kansas City Southern has opted for CN’s merger offer. It is terminating an existing merger agreement it has with Canadian Pacific.

Canadian Pacific wants Kansas City Southern to reject CN’s competing merger offer. The railway also said it won’t engage in a bidding war.

Following the Surface Transportation Board’s decision on Monday regarding CN’s proposed merger with Kansas City Southern, both CN and Canadian Pacific remained confident that each is the better suitor for KCS.

The Surface Transportation Board has decided that it would review a proposed merger between CN and Kansas City Southern under newer, stricter merger rules. The board also denied for now CN’s request to form a voting trust, saying CN’s application is incomplete.

CN revised its bid to acquire KCS; CP said it will not seek to counterbid.

Rivals Canadian Pacific and CN separately submit more statements of support to the Surface Transportation Board in a bid to show which Canadian railway is best suited to merge with Kansas City Southern.

The Surface Transportation Board has approved the voting trust that Canadian Pacific and Kansas City Southern plan to make as part of the merger process between the two companies.

CN and Canadian Pacific continue to campaign for the hearts and votes of Kansas City Southern stakeholders and the Surface Transportation Board.

DSV Panalpina announced Tuesday it plans to acquire the logistics arm of Agility Public Warehousing for $4.1 billion. The deal is expected to turn the transportation and logistics company into a top 3 forwarder globally.

The Canadian railway CN and Kansas City Southern have agreed to talk about CN’s acquisition bid. Canadian Pacific, which has a competing offer, acknowledges the meeting. CN also submits letters of support from stakeholders to regulators.

The Surface Transportation Board has determined that a waiver that exempted Kansas City Southern from post-2001 merger rules governing rail mergers applies in the proposed merger between KCS and Canadian Pacific.

Rep. Peter DeFazio, D-Oregon, chair of the U.S. House Transportation and Infrastructure Committee, is concerned that efforts by rival Canadian railways to acquire Kansas City Southern could usher in more consolidations in the freight rail sector.

The Surface Transportation Board will need to scrutinize a proposed merger between Kansas City Southern and either Canadian Pacific or CN to ensure it doesn’t hurt the operations of competing railroads, Union Pacific’s head said on the company’s first-quarter earnings call.

For now, Canadian Pacific is not planning to take part in a bidding war with rival CN to acquire Kansas City Southern, saying that its offer is more likely to meet regulators’ litmus test for mergers.

Canadian Pacific and CN both filed letters to the Surface Transportation Board asking the panel to consider the merits of their competing requests to acquire Kansas City Southern.

CP, which is also seeking to acquire KCS, describes rival CN’s bid to acquire KCS as “massively complex and likely to fail” because it decreases competition.

A merged CN and Kansas City Southern would compete against long-haul trucking for north-south intermodal opportunities, CN said Tuesday.

Not to be outdone by rival Canadian Pacific, CN offers to acquire Kansas City Southern for $33.7 billion.

The U.S. Department of Justice raised concerns about how Canadian Pacific and Kansas City Southern are using a voting trust to facilitate their proposed merger. The two railroads respond.

Canadian Pacific and Kansas City Southern provided the Surface Transportation Board 75 more letters explaining why their proposed merger should be approved.

Canadian Pacific submitted to the Surface Transportation Board 45 more letters of support from shippers and other stakeholders for the proposed merger of CP and Kansas City Southern.