Latest News
CP to Acquire Full Ownership of Detroit River Rail Tunnel for USD 312m
Tuesday 20 October 2020

Canadian transcontinental railway Canadian Pacific (TSX: CP) (NYSE: CP) has partnered with Canadian benefit pension plan OMERS, giving CP to acquire full ownership of the Detroit River Rail Tunnel USD 312m, the company said.

CP previously owned a 16.5% stake of the tunnel, in partnership with OMERS. The 2.6-kilometre tunnel linking Windsor and Detroit will continue to be operated by CP.

The acquisition of the tunnel will reduce CP's operating costs related to movements through the tunnel.

Canadian Pacific is a transcontinental railway in Canada and the United States with direct links to major ports on the west and east coasts. CP provides North American customers a competitive rail service with access to key markets in every corner of the globe.
Date Published: 20/10/2020