Vermont Business Magazine CSX Corp (NASDAQ: CSX) on Thursday announced it has completed the acquisition of Pan Am Railways, Inc, expanding its reach into the rapidly growing Northeast region of the country. The rail lines include the Vermont Railway link in Bellows Falls and part of the Amtrak line along the Connecticut River in Vermont (see related story). The deal was finalized in April. Financial terms of the transaction were not disclosed.
“We are excited to welcome Pan Am’s experienced railroaders into the CSX family and look forward to the improvements we will make together to this important rail network in New England, bringing benefits to all users of rail transportation in the Northeast region,” said president and chief executive officer, James M. Foote. “This acquisition demonstrates CSX’s growth strategy through efficient and reliable freight service and will provide sustainable and competitive transportation solutions to New England and beyond.”
Completion of this transaction comes 6 weeks after CSX received regulatory approval from the Surface Transportation Board. Terms of the transaction were not disclosed. Goldman Sachs & Co. LLC acted as financial advisor, Steptoe & Johnson LLP acted as regulatory counsel, and Davis Polk & Wardwell LLP acted as transactional counsel.
About CSX
CSX, based in Jacksonville, Florida, is a premier transportation company. It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural and consumer products. For nearly 200 years, CSX has played a critical role in the nation’s economic expansion and industrial development. Its network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation’s population resides. It also links over 240 short-line railroads and more than 70 ocean, river and lake ports with major population centers and farming towns alike. More information about CSX Corp. and its subsidiaries is available at www.csx.com. Like us on Facebook (http://facebook.com/OfficialCSX) and follow us on Twitter (http://twitter.com/CSX).
JACKSONVILLE, Fla., June 01, 2022 (GLOBE NEWSWIRE) -- CSX Corp
