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7/20/2022
Alberta Investment Management Corp. (AIMCo) will acquire a 100% stake in Cando Rail & Terminals Ltd. under an agreement with TorQuest Partners.
AIMCo will acquire Cando's assets from TorQuest Partners and Cando employees. The company has more than 400 active employee shareholders, who collectively own 25% of the business, TorQuest officials said in a press release.
Founded in 1978 and headquartered in Brandon, Manitoba, Cando operates an interconnected network of more than 40 industrial rail yards, nine owned terminals and one short line. There will be no changes to the company's operations or management as a result of the transaction, and Cando remains committed to investing in its rail infrastructure in order to enhance customer service, TorQuest officials said.
Subject to customary regulatory approvals, the transaction is expected to close in late third- or fourth-quarter 2022. Financial terms of the transaction were not disclosed.