Canadian Pacific Railway (CP) announced Wednesday that it has entered into a merger agreement with U.S. railway Kansas City Southern (KSU), which terminated its proposed deal with Canadian National Railway (CNR). CP agreed to acquire KCS in a stock and cash transaction representing an enterprise value of approximately C$31 billion. Under the new agreement, KCS shareholders will receive C$90 in cash, and 2.884 common shares of CP for each share held. CP president and CEO Keith Creel said, "Our path to this historic agreement only reinforces our conviction in this once-in-a-lifetime partnership. We are excited to get to work bringing these two railroads together.
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Canadian Pacific Railway (NYSE:CP)
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