Canadian Pacific to Buy Detroit River Rail Tunnel From OMERS Affiliates for $312 Million
16 October 2020 - 11:42PM
Dow Jones News
By Dave Sebastian
Canadian Pacific Railway Ltd. said it has agreed to buy for $312
million the Detroit River Rail Tunnel from affiliates of OMERS, the
defined benefit pension plan for municipal employees in
Ontario.
CP had owned a 16.5% stake in the tunnel. It will continue to
operate the 2.6 kilometer tunnel linking Windsor and Detroit, CP
said.
CP said its acquisition would reduce its operating costs related
to movement through the tunnel.
The transaction is expected to close in the fourth quarter.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
October 16, 2020 08:27 ET (12:27 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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