Kansas City Southern (KCS) says its sale to Canadian Pacific Railway (CP) is officially complete. The deal is estimated to be worth $31 billion. CP President and CEO Keith Creel said it’s a historic day for both companies.
“CPKC will become the backbone connecting our customers to new markets, enhancing competition in the U.S. rail network and driving competition across North America,” Creel said. “All of this happens while we will deliver significant environmental benefits. We’re excited to be on a path to creating a truly unique railroad.”
The Kansas City Southern board of directors and management team says they are proud of the countless contributions and achievements of all those who work for KCS. “We are excited for the possibilities that open to us through this combination with CP and look forward to the next chapter,” the company said in a recent statement.
The companies are awaiting approval from the Surface Transportation Board allowing CP’s control of KCS railroads.