PEORIA — Pioneer Railcorp has agreed to a purchase by BRX Transportation Holdings, LLC.
BRX will pay $18.81 per share to stockholders to acquire Pioneer, the latter said in a news release.
“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 CEO of Pioneer, in a prepared statement. Pioneer owns short-line railroads and other businesses including a railroad equipment company.
The new owner, BRX, is an entity jointly formed by Bookhaven Rail Partners and Related Infrastructure. Both have ties to transportation and infrastructure.
The sale is expected to close in the third quarter of this year, subject to approval by Pioneer's shareholders, the Surface Transportation Board, and performance under a series of conditions in the sale agreement, according to the release.
Peoria-based Pioneer operates in Alabama, Arkansas, Georgia, Illinois, Indiana, Iowa, Kansas, Michigan, Mississippi, Ohio, Pennsylvania and Tennessee.