Posts Tagged ‘acquisition’

STB approves Canadian Pacific’s acquisition of Central Maine & Quebec

Canadian Pacific’s acquisition of the Central Maine & Quebec Railway (CM&Q) was approved by the federal Surface Transportation Board (STB) on May 1, and will take effect June 18, 2020.

The purchase from Fortress Transportation and Infrastructure Investors LLC, officially by the wholly owned Soo Line subsidiary of CP, was originally announced Nov. 20, 2019, and with approval now gives the Class I carrier trackage and facilities running from St. Jean, Quebec, Canada, to Searsport, Maine.

In a filing with the STB, CP said it plans to upgrade CM&Q’s system to Class III standards with an investment of up to $75 million. STB members had no objections to the acquisition and dismissed comments and conditional requests by Springfield Terminal Railway Company, among others.

CM&Q owns approximately 244 miles of rail lines in Vermont and Maine and has operating rights across another 57 miles, according to the STB. The Canadian portion of CM&Q has about 237 miles of track which also will be transferred in the sale.

SMART Transportation Division represents 52 members on the CM&Q in the Transportation, Mechanical and Engineering Departments who belong to GO-049, which is represented by General Chairman Rick Lee.

Read the STB’s decision.

Financial acquisitions of G&W, Central Maine & Quebec completed

Just before the start of the new year, deals that resulted in the Genesee & Wyoming (G&W) and the Central Maine & Quebec (CM&Q) changing hands were finalized.

The Surface Transportation Board in November cleared the way for Brookfield Asset Management and GIC, a Singapore wealth fund, to acquire Genesee & Wyoming, which controls Class II and III railroads in 41 states and, if considered collectively, has holdings that qualify it as a Class I carrier with more than 13,000 track miles.

A review by the Committee on Foreign Investment in the United States (CFIUS) permitted the acquisition to be finalized, and completion of the deal was announced Dec. 31. G&W is now a private entity and its stock is no longer traded publicly.

In the case of Canadian Pacific’s acquisition of CM&Q, the federal Surface Transportation Board still must sign off on the deal, which was announced Nov. 20, to make it official. Financial terms were finalized on Dec. 30, CP announced.

Once approved by the STB, CP’s purchase from Fortress Transportation and Infrastructure Investors LLC would give the Class I carrier trackage and facilities from St. Jean, Quebec, Canada, to Searsport, Maine.

SMART Transportation Division represents 52 members on the CM&Q in the Transportation, Mechanical and Engineering Departments who belong to GO-049, which is represented by General Chairman Rick Lee. CM&Q owns 481 miles of rail lines primarily in Quebec and Maine.

Canadian Pacific acquires Central Maine & Quebec Railway

Canadian Pacific announced Wednesday, Nov. 20 that it has come to an agreement that would result in the Class I carrier acquiring the Central Maine & Quebec Railway (CM&Q).

Financial terms of the acquisition were not disclosed in a news release announcing the deal.

CP’s purchase from Fortress Transportation and Infrastructure Investors LLC now gives the carrier trackage and facilities from St. Jean, Quebec, Canada, to Searsport, Maine, and is expected to close by the end of the year.

SMART Transportation Division represents 52 members on the CM&Q in the Transportation, Mechanical and Engineering Departments who belong to GO-049, which is represented by General Chairman Rick Lee. CM&Q owns 481 miles of rail lines primarily in Quebec and Maine.

Read the full release from PR Newswire.

Patriot Rail acquired by Australian firm

Patriot Rail and Ports, an operator of short lines in the United States, was acquired by First State Investments, an Australia-based firm that has invested in infrastructure in Australia, Europe, New Zealand and the United Kingdom, Railway Age reported Aug. 27.

Terms of the acquisition were not disclosed.

Patriot Rail and Ports operates a portfolio of 12 short-line freight railroads with more than 585 track miles across 14 states in the U.S. Patriot owns a number of properties represented by SMART Transportation Division.

Read the full article here.