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Genesee & Wyoming said it will buy rival RailAmerica for $1.39 billion

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Genesee & Wyoming said it will buy rival RailAmerica for $1.39 billion in cash to create one of the biggest regional railroad operators in the United States. A premium of about 11 percent to the stock's Friday close. RailAmerica said in May it was considering a potential sale of the company and had begun preliminary talks with third parties. Genesee on Monday said it expects to fund the acquisition and a simultaneous refinancing of its debt with $2 billion of new debt and $800 million of equity or equity-linked securities. It said it has received $2.3 billion of committed debt financing from BofA Merrill Lynch and $800 million of committed equity financing from private equity firm Carlyle Group

Once the acquisition closes, Genesee will have 111 railroads and 15,100 miles of track.



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