GWI announced in August that it was planning to purchase P&W for $US 126m at $US 25 per share. Subject to the terms of the agreement, P&W will merge with Pullman Acquisition Sub, a wholly-owned subsidiary of GWI, with P&W surviving the merger and becoming a wholly-owned subsidiary of GWI.
The merger due to be completed on or around November 1, subject to the satisfaction of the remaining closing conditions.
Following approval from the United States Surface Transportation Board (STB), P&W would be managed as part of GWI's Northeast Region.
GWI says the addition of P&W to the company's portfolio strengthens its ability to serve Class 1 partners and customers in New England, which GWI says is a highly competitive rail market.