Brookfield Infrastructure Partners, Brookfield Asset Management, GIC Pte, and Genesee & Wyoming
Acquirer: Brookfield Infrastructure Partners, L.P. (Bermuda); Brookfield Asset Management Inc. (Canada); GIC Pte. Ltd. (Singapore)
Acquired: Genesee & Wyoming Inc. (US)
Value: Approximately US$8.4 Billion
On July 1, 2019, Brookfield Infrastructure Partners L.P., the Singapore global investment firm GIC Pte. Ltd., and Brookfield Infrastructure Partners’ institutional partners announced an agreement “pursuant to which affiliates of Brookfield Infrastructure and GIC will acquire [Genesee & Wyoming Inc.] in a transaction valued at approximately $8.4 billion ….” (Press Release, Brookfield Infrastructure Partners L.P. Form 6-K, Ex-99.1, July 1, 2019, SEC Filing; see Genesee & Wyoming Inc. Form 8-K, SEC Filing, July 1, 2019.) According to the announcement, “required regulatory approvals that include approval by the Committee on Foreign Investment in the United States.” (Id.).
Genesee & Wyoming, (NYSE: GWR), is a US based global owner and leasor of “120 freight railroads organized in eight locally managed operating regions with approximately 8,000 employees serving 3,000 customers.” (Press Release, Genesee & Wyoming Inc. Form 8-K, Ex-99.1 SEC Filing, July 1, 2019.) “GIC is a leading global investment firm established in 1981 to manage Singapore’s foreign reserves.” (Id.) Brookfield Infrastructure Partners L.P., a Bermuda limited partnership, owns and operates “a globally diversified portfolio of high quality infrastructure assets.” (Brookfield Infrastructure Partners L.P. Form 20-F, Dec. 31, 2018, SEC Filing.) Canadian based asset management firm Brookfield Asset Management Inc. “owns an approximate 29.5% interest in [Brookfield Infrastructure Partners L.P.] assuming exchange of the Redeemable Partnership Units” and wholly owns the general partner, Brookfield Infrastructure Partners Limited, a Bermuda company. (Id.)