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Macquarie Infrastructure and Real Assets (MIRA) and PGGM (A Dutch Pension Fund Manager) to Acquire Genesee Wyoming Australia (GWA)

Aug 13, 2019Update

It seems only a short time ago that GWA purchased its NSW Coal business from Glencore. Now the orange and black paint has dried, and members uniforms changed from green to orange, the colours and Name are about to again change.

GW recently released the following statement to employees and investors along with a lengthy disclaimer that can be viewed in full on their website.

“6 August 2019 – GWA’s parent company Genesee & Wyoming Inc. (G&W) has agreed to be acquired by Brookfield Infrastructure and GIC in a transaction expected to close by year end or early 2020, subject to customary closing conditions including regulatory approvals. Brookfield Infrastructure and GIC have announced their intention to divest G&W’s stake in GWA. As a result, existing shareholders Macquarie Infrastructure and Real Assets (MIRA) and PGGM have agreed to assume full ownership of the GWA business concurrent with G&W’s acquisition by Brookfield and GIC.

Funds managed by MIRA, one of the world’s leading alternative asset managers, and PGGM, a leading Dutch pension fund manager, acquired a 49% equity stake in GWA in 2016. Maintaining ownership of the business among existing shareholders enables the ongoing operation of GWA in line with its current strategy.

The GWA transaction will be funded by equity provided by PGGM, resulting in PGGM significantly increasing its stake in GWA, with MIRA-managed funds owning the remaining stake under joint governance arrangements. The GWA transaction is subject to G&W’s acquisition by Brookfield Infrastructure and GIC, as well as customary closing conditions including regulatory approvals.”

As with all corporate sales and transitions, these things take time and often place members under stress and uncertainty. Members can be assured that your current enterprise agreements and the Fair Work Act protects employees entitlements in any sale event and that the RTBU Locomotive Division will be working to ensure the company does the right thing by its employees during the sale process.