Do you foresee additional consolidation in 2021 with the Class I’s and Short Line Railroads? (Bill Kinzeler)

Questions

We believe that there will be continued interest in the consolidation of short line assets next year as infrastructure funds and holding companies look to make incremental acquisitions and expand their portfolios.

We think the KCS will continue to be a target. Blackstone and GIP’s offer for the KCS back in the 3rd quarter highlights that the demand is still out there.

In our opinion, it is unlikely that the market will see a consolidation at the Class I level.