Canadian Pacific Railway Ltd yesterday said it has agreed to buy Kansas City Southern for $25bn in a cash-and-shares deal to create the first rail network connecting the United States, Mexico, and Canada, betting on a pick-up in North American trade. Shareholders of Kansas City Southern will receive 0.489 of a Canadian Pacific share and $90 in cash for each KCS common share held, the companies said in a joint statement. The deal, which has an enterprise value of $29bn including debt, values Kansas City Southern at $275 per share, representing a 23% premium to Friday’s closing price of $224.16. The transaction is the biggest M&A launched in 2021. “The new competition we will inject into the
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