Missouri Minute: Square debuts St. Louis office; sale fees drive Kansas City Southern loss

Hello, MBA readers,

Major U.S. stock indexes bounced back early Tuesday after a Monday selloff driven by COVID-19 concerns. As the delta variant runs rampant and cases surge in areas like southern Missouri, the Dow Jones Industrial Average suffered its biggest drop of the year on Monday, and the S&P 500 shed 1.6%. The drop was seen as a signal that investors fear the delta variant could threaten economic recovery from the pandemic. But on Tuesday morning, traders were in a buying mood. In other financial news, Kansas City Southern reported nearly $721 million in expenses related to its proposed sale to Canadian National Railway. Weighed down mostly by a $700 million breakup fee for another merger it nixed, the Kansas City-based railroad company reported a $378 million loss for the quarter that ended June 30. As Kansas City Southern reported a loss, EquipmentShare announced a large capital infusion. The Columbia-based startup, which makes technology to help contractors track and manage construction equipment, raised $230 million in a new investment round. The funds will help the company as it aims to expand into 100 new markets this year.

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Square debuts new St. Louis office
More than 850 employees of the San Francisco-based payment technology company are moving into the downtown office, formerly home to the St. Louis Post-Dispatch, after a year of remote work. (St. Louis Post-Dispatch)

KC-area developer hopes to save Deer Creek Golf Club with new project
EPC Real Estate Group plans to build 225 high-end apartments next to the course, a project estimated at $60 million. (Kansas City Business Journal)

Kansas City Southern earnings zapped by fees for pending sale
To clear the way for its sale to Canadian National Railway, the Kansas City-based rail company paid Canadian Pacific Railway a $700 million breakup fee, contributing to a $378 million second-quarter loss. (Kansas City Business Journal)

Dozens of unhoused Kansas Citians removed from Westport encampment
The homeless camp was cleared for safety reasons by the city’s public works department, drawing criticism. (KCUR)

Electric vehicle charging stations coming to state parks
The Missouri Department of Natural Resources received $1 million for the project under a budget measure signed by the governor. (St. Louis Post-Dispatch)

Say that again

“It’s a lot about creating that community bond … so when they see us they don’t feel unsafe or threatened.”

That’s Annaliese Schroeder, a community health advocate for the Springfield Greene-County Health Department, discussing the latest initiative to encourage people to get vaccinated against COVID-19. In southwest Missouri, health officials and advocates like Schroeder have begun going door-to-door encouraging vaccinations as the delta variant spreads and cases of COVID-19 surge, The Kansas City Star reports. Springfield and Greene County have held nearly 10 door-to-door canvasses so far. They are part of a larger outreach strategy that also involves encouraging conversations between family members and enlisting clergy and other community leaders in the vaccination effort.

Go figure

$230 million

Columbia-based startup EquipmentShare raised $230 million in a new funding round, Startland News reports. The company, which makes technology designed to help contractors track and manage their construction equipment, plans to use the funds to expand its national footprint and roll out updated technology. Tiger Global Management, which has invested in other area companies including C2FO and SafetyCulture, led the funding round. EquipmentShare plans to add more than 100 U.S. locations in 2021, hiring employees in each new market. The company said it’s currently adding an average of 100 employees per month.

Hello, my name is

Fair Access Missouri

This political action committee is spearheading an effort to fully legalize cannabis in Missouri. The group has filed multiple versions of a ballot question it hopes to put before voters in 2022. The push by Fair Access Missouri rivals another legalization effort, called Legal Missouri 2022. Fair Access grew out of frustrations with Missouri’s current medical marijuana program, the St. Louis Post-Dispatch reports.

It’s been a pleasure doing business with you this morning.


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