S&C client Canadian Pacific Kansas City Limited (CPKC) and Mi-Jack, a member of the Lanco Group of Companies, sold Panama Canal Railway Company, a 50-50 joint venture between CPKC and Mi-Jack, to APM Terminals Panama Rail LP, a global terminal operator and an independent division of one of Panama Canal Railway Company’s major customers, Denmark-based A.P. Moller – Maersk. The transaction was announced April 2. S&C represented Panama Canal Railway Company and the sellers.
Panama Canal Railway Company provides ocean-to-ocean freight and passenger services along the Panama Canal and has been a 50-50 joint venture between CPKC subsidiary Kansas City Southern and Mi-Jack since its formation in 1998.
S&C previously advised Canadian Pacific on its $29 billion acquisition of Kansas City Southern in 2023 and earlier this year advised on a $1.2 billion SEC-registered offering of senior notes. The Firm also secured an appellate victory for the company this year in a mandatory redemption dispute with bondholders.
The S&C corporate team that advised Panama Canal Railway Company and the sellers included Andrew Gerlach, Michael Fronk, Stephanie Taylor, Bikaramjit Sandhu and Patrick Gaughan. Evan Simpson, Ting Ruan and Mariah Kirubi advised on capital markets matters. Davis Wang, John Jo and Gregg Rader advised on tax matters. Sarah Remmer Long and Julia E. Paranyuk advised on executive compensation matters. Mehdi Ansari, Grace Son and Jane Ninivaggi advised on intellectual property matters. Matt Brennan advised on environmental matters.