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6/1/2022
CSX today announced it has completed the acquisition of Pan Am Railways Inc., which will expand the Class I's reach into the U.S. Northeast.
The completion of the transaction comes six weeks after CSX received regulatory approval from the Surface Transportation Board. Terms of the transaction were not disclosed.
"We are excited to welcome Pan Am’s experienced railroaders into the CSX family and look forward to the improvements we will make together to this important rail network in New England, bringing benefits to all users of rail transportation in the Northeast region," said President and CEO James Foote in a press release. "This acquisition demonstrates CSX’s growth strategy through efficient and reliable freight service and will provide sustainable and competitive transportation solutions to New England and beyond."
Goldman Sachs & Co. LLC acted as financial adviser, Steptoe & Johnson LLP served as regulatory counsel and Davis Polk & Wardwell LLP was the transactional counsel during the acquisition process.