PGGM and Macquarie Infrastructure and Real Assets agreed to acquire Genesee & Wyoming Australia Pty Ltd from Genesee & Wyoming Inc. (NYSE:GWR) for AUD 627.4 million on September 6, 2019. The consideration is subject to adjustments. The GWA transaction will be funded by equity provided by PGGM, resulting in PGGM significantly increasing its stake in GWA, with MIRA-managed funds owning the remaining stake under joint governance arrangements.

Macquarie Infrastructure and Real Assets and PGGM already hold 49% interest in Genesee & Wyoming Australia Pty Ltd. The current management team will remain in place, with the full support of MIRA and PGGM. The transaction is also subject to G&W's acquisition by Brookfield and GIC, as well as customary closing conditions including regulatory approvals. As on November 29, 2019, European Commission (EC) has approved the acquisition.

Macquarie Capital (Australia) Limited acted as financial advisor to PGGM. Ernst & Young Australia acted as a due diligence provider to Macquarie Infrastructure and Real Assets.