Canadian Pacific Railway Ltd. has completed its acquisition of Kansas City Southern, paving the way for North America's only railroad that stretches across all three countries.
The sale, which closed on Tuesday, places the shares of the American railway in a voting trust while the United States Surface Transportation Board reviews the deal.
The trust allows KCS shareholders to be paid while ensuring the railway operates independently until the U.S. regulator issues its decision on the deal valued at US$31 billion, including the assumption of US$3.8 billion of debt.
With the completion of the acquisition, KCS shareholders will receive 2.884 CP shares and US$90 in cash for each KCS common share held and US$37.50 in cash for each KCS preferred share held.
CP and KCS said in a release they expect the review by the U.S. transportation board to wrap up in the fourth quarter of next year.
The expected benefits from the railway to be known as Canadian Pacific Kansas City Ltd. (CPKC)will not be realized until the U.S. regulator approves the deal, the companies said.
CP chief executive Keith Creel called the milestone a "historic day" for the two railways, which both have histories stretching back to the 19th century.
"CPKC will become the backbone connecting our customers to new markets, enhancing competition in the U.S. rail network, and driving economic growth across North America while delivering significant environmental benefits," he said in a release.
"We are excited for the possibilities that will open to us through this combination with CP and we look forward to our next chapter," said KCS chief executive Patrick J. Ottensmeyer.
An overwhelming majority of shareholders at both CP and KCS approved the transaction in special meetings last week, following a green light from Mexican regulators in November.
This report by The Canadian Press was first published Dec. 14, 2021.
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