The US Class 1 freight railroad CSX has announced that it has signed a definitive agreement to acquire Pan Am Railways, Inc., a holding company that owns and operates Class 2 regional railroads in northern New England.
Pan Am’s network of regional rail lines is almost 1,200 miles in length. Pan Am also has a partial interest in the Pan Am Southern system, which is more than 600 miles long. The Pan Am network accesses multiple ports as well as major commodity producers.
Once the transaction takes place, CSX, which operates the length of the eastern United States, will have more track miles in Connecticut, New York and Massachusetts. It will further add Vermont, New Hampshire and Maine to its 23-state network.
“In Pan Am, CSX gains a strong regional rail network in one of the most densely populated markets in the U.S., creating new efficiencies and market opportunities for customers as we continue to grow. We intend to bring CSX's customer-centric focus and industry-leading operating model to shippers and industries served by Pan Am. We look forward to integrating Pan Am into CSX, with substantial benefits to the rail-served industries of the Northeast, and to working in partnership with connecting railroads to provide exceptional supply chain solutions to New England and beyond.”
CSX invested almost 1.5 billion USD in infrastructure capital expenditures in its network in 2019.
“Pan Am is pleased to reach this agreement with CSX, a North American leader in rail-based freight transportation. This is great news for New England shippers and the national freight network overall.”
CSX and Pan Am haven’t made the terms of the transaction public. The Surface Transportation Board will have to review and approve the deal before it can go ahead.
Goldman Sachs & Co. LLC is acting as financial advisor and Davis Polk & Wardwell LLP is acting as legal advisor to CSX in connection with the transaction.
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