Canadian Pacific Railway Limited and Kansas City Southern entered into a merger agreement, under which CP has agreed to acquire KCS in a stock and cash transaction representing an enterprise value of approximately USD 31 billion1, which includes the assumption of USD 3.8 billion of outstanding KCS debt. Following STB approval of the CP's control of KCS, Mr. Creel will serve as the Chief Executive Officer of the combined company. The combined entity will be named Canadian Pacific Kansas City ("CPKC").