Rail signalling and electrical building services provider Giffen Holdings has been acquired by infrastructure engineering firm Renew for £5m ($6.23m) in issued share capital.
In addition, there will be the payment £2m ($2.49m) for redeeming loans from the Giffen’s private equity owners.
Following the acquisition, Giffen will continue with the management team but will report to Renew's rail infrastructure business, Amco Rail, which with the newly added complementary skills of the acquirer will offer expanded range of services across the rail network.
It will also create new opportunities for the group to serve London Underground.
American short-line railroad holding company Genesee & Wyoming (G&W) has bought Providence and Worcester Railroad Company (P&W) for $126m.
The acquisition will make P&W part of G&W’s north-east region and enable the acquirer to offer better services to its customers and Class I partners in New England.