PEORIA, Ill. (WEEK) — A Peoria-based short-line railroad company is merging with a Denver-based holding company.
Pioneer Railcorp owns short-line railroads and several other railroad businesses, including a contract switching services company.
BRX Transportation Holdings entered an agreement earlier this week to buy Pioneer for $18.81 per share in cash.
“We look forward to this next chapter in Pioneer’s journey and anticipate it will have a bright future under new ownership,” said Mike Carr, President and Chief Executive Officer of Pioneer in a prepared statement.
Pioneer Railcorp operates 23 rail operations in 13 states, serving more than 100 customers on its 600 miles of tracks.