Canadian Pacific (CP) has agreed to acquire the Central Maine & Quebec Railway (CMQ), which owns 481 miles of rail lines in Quebec and Maine, for an undisclosed price.
CP is a transcontinental railway in Canada and the United States with direct links to major ports on the west and east coasts.
“This strategic acquisition gives CP a true coast-to-coast network across Canada and an increased presence in the eastern U.S.,” said Keith Creel, president and CEO of CP. “With additional port access, more dots on the map, and our proven precision scheduled railroading operating model, we are confident this transaction will bring benefits to all stakeholders moving forward.”
The seller is Fortress Transportation and Infrastructure Investors (FTAI), which will retain ownership of tank car cleaning and repair facility Katahdin Railcar Services (KRS), as well as a contract to operate at a 12-mile branch line at FTAI’s Long Ridge Energy Terminal in Monroe County
