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On Friday, RailAmerica Inc. announced its subsidiary RaiLink Canada Ltd. closed on an “early termination” transaction with Canadian Pacific regarding a lease of the Ottawa Valley Railway (OVR) line between Smiths Falls and Camspur, Ontario. Under agreement terms, RailAmerica received about $70 million.

CP now has 60 days to decide if service will be restored on the OVR line. RaiLink Canada will continue to maintain and operate CP-owned lines between Sudbury and Mattawa, Mattawa and Temiscaming, and Mattawa and Camspur until sometime next year.

OVR operates 342 miles of track and primarily transports bridge traffic, chemicals, and pulp and paper products. RailAmerica — which owns and operates 40 U.S. and Canadian railroads — will record the income or loss from OVR’s discontinued operations in the fourth quarter.