20.10.2020
Artikel Nummer: 33739
Railway purchases Detroit River Rail Tunnel
Canadian Pacific (CP) is acquiring the full ownership of the Detroit River Rail Tunnel from OMERS, the defined benefit pension plan for municipal employees in the Canadian province of Ontario for CAD 312 million (EUR 202 million).
CP previously owned a 16.5% stake of the tunnel in partnership with OMERS. The 2.6 km tunnel linking Windsor and Detroit will continue to be operated by CP. The acquisition of the tunnel will reduce CP's operating costs related to movements through the tunnel, the railway company said.
The transaction is currently expected to close at the end of Q4/2020 and remains subject to customary closing conditions, including regulatory approvals.