Canadian Pacific Railway (CP) to acquire full ownership of the Detroit River Rail Tunnel for $312 million

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Go back to Canadian Pacific Railway (CP) to acquire full ownership of the Detroit River Rail Tunnel for $312 million

CP to acquire full ownership of the Detroit River Rail Tunnel

October 16, 2020 8:00 AM EDT

CALGARY, AB, Oct. 16, 2020 /PRNewswire/ - Canadian Pacific (TSX: CP) (NYSE: CP) and OMERS, the defined benefit pension plan for municipal employees in the province of Ontario, announced today they have entered into a purchase agreement whereby CP will acquire full ownership of the Detroit River Rail Tunnel from certain affiliates of OMERS. The purchase price for the transaction is approximately US$312 million subject to customary closing adjustments.

CP previously owned a 16.5 percent stake of the tunnel in partnership with OMERS. The 2.6-kilometre... More