AusRAIL, Market Sectors

GWI completes sale of WA operations to QR and Babcock &amp&semicolan#38&semicolan Brown

<p>Genesee &#38 Wyoming, the US-based freight railroad operator, on Friday (June 2) confirmed it had completed the sale of its remaining Western Australia operations to Queensland Rail and Babcock &#38 Brown.</p> <p>The sale was announced in February when the company said it had agreed with its 50% joint venture partner Wesfarmers to sell its Western Australia operations and some other assets belonging to the Australian Railroad Group. </p> <p>Genesee &#38 Wyoming sold the assets for US$956m, according to a previous estimate. </p> <p>In a statement issued on Friday, GWI said the sale totalled $971m, with an additional $14m in completion adjustments.</p> <p>The company also announced the completed acquisition of Wesfarmers’s 50% ownership of some South Australian operations from Australian Railroad Group for $15m. </p> <p>Now a 100% subsidiary of GWI, the business has been renamed Genesee &#38 Wyoming Australia Pty Ltd.</p> <br />