CP Wraps Up Detroit River Rail Tunnel Deal
Written by Marybeth Luczak, Executive EditorCanadian Pacific (CP) is now full owner of the 2.6-km (1.6-mile) Detroit River Rail Tunnel, linking Windsor, Ontario, and Detroit, Mich.
CP completed acquisition of the final 83.5% stake of the tunnel from certain affiliates of OMERS (Ontario Municipal Employees Retirement System), the defined benefit pension plan for municipal employees in the province of Ontario. An agreement for the approximately $312 million purchase was announced in October.
CP previously owned a 16.5% stake in partnership with OMERS. The railroad will continue operating the tunnel.
