TORONTO, March 22, 2013 /PRNewswire/ - CN (TSX: CNR) (NYSE: CNI) today closed the sale of a segment of rail line principally used by GO Transit commuter trains in the Oakville- Burlington, Ont., area west of Toronto to Metrolinx for C$52.5 million.
Metrolinx is the Province of Ontario's regional transportation agency for the Greater Toronto and Hamilton Area (GTHA). GO Transit, a division of Metrolinx, is Ontario's inter-regional public transit system linking Toronto with the surrounding regions of the GTHA.
Metrolinx is acquiring the segment of CN's Oakville Subdivision from a point near Fourth Line in Oakville west to a point just east of where CN's freight main line joins the Oakville Subdivision at Brant Street in Burlington. Metrolinx already owns the Lakeshore line from Oakville to Toronto Union Station.
CN will retain freight operating rights over the line segment sold to Metrolinx.CN - Canadian National Railway Company and its operating railway subsidiaries - spans Canada and mid-America, from the Atlantic and Pacific oceans to the Gulf of Mexico, serving the ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the key metropolitan areas of Toronto, Buffalo, Chicago, Detroit, Duluth, Minn./ Superior, Wis., Green Bay, Wis., Minneapolis/St. Paul, Memphis, and Jackson, Miss., with connections to all points in North America. For more information on CN, visit the company's website at www.cn.ca. SOURCE CN