On September 4, 2007, the Canadian Pacific Railway (CPR) announced it was acquiring the DM&E from its owners, London-based Electra Private Equity, for US$1.48 billion, and future payments of over $1.0 billion contingent on commencement of construction on the Powder River extension and specified volumes of coal shipments from the Powder River basin. The transaction will include the ICE and other affiliated companies. The merger is an "end-to-end" consolidation; the lines presently interchange at three points, including the Winona, Minnesota, connection between the DM&E's main line across southern Minnesota and CP's Chicago main. Kevin Schieffer, president of the DM&E, has called CP the DM&E's "natural partner" and the transaction a "natural fit".