Canadian Pacific Railway Limited (CP) and Kansas City Southern (KCS) have entered into a US$ 31-billion merger agreement to create the first single-line rail network linking the U.S., Mexico, and Canada. CP will acquire KCS in a stock and cash transaction totalling to approximately US$31 billion. The combined entity will be named Canadian Pacific Kansas City with global headquarters in Calgary. The deal will be reviewed by the US Surface Transportation Board (STB) which has already authorized the use of a voting trust for a planned CP-KCS merger. Following the anticipated STB approval in the second half of 2022, the merged companies are projected to create annualized synergies of approximately $1 billion within the next three years.