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GREENWICH, Conn. - Genesee & Wyoming Inc., a short-line and regional freight railroad operator, said Tuesday it will buy CAGY Industries Inc. for about $78.4 million in cash.
| GWR | 28.44 |  0.61 |
Columbus, Miss.-based CAGY is the parent company of Columbus & Greenville Railway, Chattooga & Chickamauga Railway and Luxapalila Valley Railroad.
The deal also includes a payment of up to $18.6 million if certain conditions are met over the next two years. Genesee & Wyoming plans to finance the transaction under its $225 million senior revolving credit agreement.
The acquisition, which is expected to immediately add to earnings per share, is targeted to close on June 1.
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