CP To Buy Full Ownership Of Detroit River Rail Tunnel From OMERS For About $312 Mln

(RTTNews) - Canadian Pacific (CP,CP.TO) said that it agreed to buy full ownership of the Detroit River Rail Tunnel from certain affiliates of OMERS for about US$312 million.

Previously, CP previously owned a 16.5 percent stake of the tunnel in partnership with OMERS. The 2.6-kilometre tunnel linking Windsor and Detroit will continue to be operated by CP.

The transaction is currently expected to close at the end of the fourth-quarter of 2020.

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