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            december 10, 2019

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Canadian Pacific to buy Central Maine & Quebec Railway from FTAI


Canadian Pacific and Fortress Transportation and Infrastructure Investors LLC (FTAI) have entered into an agreement that will pave the way for CP to acquire the Central Maine & Quebec Railway (CMQ). The transaction is expected to close at the end of this year.
CMQ owns 774 kilometres of railway lines mostly in Quebec and Maine. The end-to-end transaction aims to provide CP customers with seamless, safe and efficient access to ports at Searsport, Maine and to Saint John, New Brunswick, via Eastern Maine Railway Company (EMRY) and New Brunswick Southern Railway (NBSR).
"This strategic acquisition gives CP a true coast-to-coast network across Canada and an increased presence in the eastern US," said CP president Keith Creel in a statement. "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."
As part of the transaction, FTAI will retain ownership of Katahdin Railcar Services (KRS), a tank car cleaning and repair facility, and the contract to operate at a 12-mile branch line at FTAI's Long Ridge Energy Terminal in Monroe County, Ohio. FTAI intends to continue to develop and grow both the KRS and Long Ridge branch line businesses.
"We are excited about this transaction as it brings value to our shareholders, while ensuring that the CMQ continues to provide safe and reliable rail transportation options," said FTAI CEO Joe Adams.

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