G & W picks up Arizona Eastern

Genesee & Wyoming Inc. (GWI) /quotes/zigman/164147/quotes/nls/gwr GWR +0.64% announced today that it has signed an agreement to acquire the Arizona Eastern Railway (AZER) from Iowa Pacific Holdings, LLC of Chicago, IL for $90.1 million in cash, subject to adjustment for final working capital. The acquisition is subject to customary closing conditions and is expected to be completed by the end of the third quarter of 2011. Headquartered near Miami, Arizona, AZER is composed of two rail lines operating over 200 track miles in southeast Arizona and southwest New Mexico that are connected by 52 miles of trackage rights over the Union Pacific Railroad