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Kansas City Southern (KSU-) agreed to a $25 billion takeover by Canadian Pacific Railway in a stock and cash deal that creates the first rail network to connect Mexico, Canada, and the United States.
The deal, which includes around $3.8 billion in Kansas City Southern debt, values the rail company at around $275 a share, which is a 22.6% premium to its closing price on Friday.
Canadian Pacific CEO Keith Creel will lead the company, which will be based in Calgary and operate around 20,000 miles of track, employ nearly 20,000 people and generate nearly $9 billion in annual revenue
The new company will be called Canadian Pacific Kansas City, or CPKC.
Regulators are set to give their final approval for the merger in mid-2022.
Cathie Wood's ARK Has a New Tesla Price Target
ARK says that it believes that Tesla (TSLA) could hit $3,000 a share by 2025. Its ber case is $1,500, and its bull case is $4,000 a share by 2025.
"Since our 2024 analysis, we have increased our assumptions for Tesla’s capital efficiency. Previously we estimated that Tesla would spend $11,000-$16,000 per incremental unit of capacity in 2024. In 2019, Tesla spent $1.33 billion on capital expenditures (capex) and produced 509,737 vehicles, an increase of 144,505 vehicles from the previous year, suggesting that its capex per incremental vehicle produced was roughly $9,200," ARK wrote in its analysis of Tesla's electric vehicles.
Read the full analysis on Tesla here.