CP completes acquisition of Detroit River Rail Tunnel
December 22 2020 - 5:30PM
PR Newswire (Canada)
CALGARY, Dec. 22, 2020 /CNW/ - Canadian Pacific (TSX: CP)
(NYSE: CP) announced today it has completed its previously
announced agreement to purchase an 83.5 percent stake in the
Detroit River Rail Tunnel from certain affiliates of OMERS, the
defined benefit pension plan for municipal employees in the
province of Ontario. CP previously
owned a 16.5 percent stake of the tunnel in partnership with OMERS.
The purchase price for the transaction is approximately
US$312 million, subject to customary
closing adjustments.
About Canadian Pacific
Canadian Pacific is a
transcontinental railway in Canada
and the United States with direct
links to major ports on the west and east coasts. CP provides North
American customers a competitive rail service with access to key
markets in every corner of the globe. CP is growing with its
customers, offering a suite of freight transportation services,
logistics solutions and supply chain expertise. Visit cpr.ca to see
the rail advantages of CP. CP-IR
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SOURCE Canadian Pacific
Copyright 2020 Canada NewsWire
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