Wednesday, March 31, 2010

CN sells rail line to Ontario's Metrolinx

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For a price of C$168 million (US$164 million), Canadian National has sold a section of track west of Toronto Union Station to Metrolinx, an Ontario government Crown Corporation responsible for delivering an integrated, multi-modaltransportation network in the Greater Toronto Area.

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Metrolinx’s jurisdiction extends from the York and Durham regions through Toronto, the regions of Peel and Halton, and the city of Hamilton. GO Transit, the operating division of Metrolinx, provides regional rail and bus services in the GTA.

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“The transaction will give Metrolinx ownership of a critical section of its busiest GO Transit corridor and one that links Union Stationand GO Transit’s Willowbrook rail equipment facility in southwest Toronto,” said CN in a statement Wednesday. “The transaction allows CN to preserve certain operating rights over the line segment, which will enable the company to maintain service for its freight customers.”