Canadian grain company CWB, formerly the Canadian Wheat Board, has added another high throughput terminal to its growing network of prairie grain handling facilities.
CWB officials confirmed that the company has closed a deal to acquire all shares of Great Sandhills Terminal Ltd. at a cost of approximately $17.5 million or $582 per share.
The deal was completed in late August following a shareholder’s vote in which 100 percent of the ballots cast supported the transaction.
“The result of the Great Sandhills Terminal shareholder vote is a resounding affirmation of farmers’ level of confidence in CWB’s strategic direction, and in our ability to be a strong and viable competitor in the Western Canadian marketplace,” said CWB president and chief executive officer Ian White. “This deal strengthens our presence in western Saskatchewan with the addition of another large capacity grain terminal and officially puts us in the short-line railway business.”
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GST is the latest in a string of acquisitions that began in 2013.
The assets of Great Sandhills Terminal include a 23,400 tonne capacity high throughput grain handling facility near Leader, Sask., and a majority stake in Great Sandhills Railway, a shortline railway operating 197 kilometres of track between Swift Current and Burstall, Sask.
“CWB continues to build a strong network throughout the grain marketing supply chain through the purchase and construction of assets in the country and at port,” said White.
“As CWB continues to grow, we become more attractive to farmers looking at the potential long-term benefits of choosing to deliver to CWB.”
