CP Rail to own 100% of Detroit River rail tunnel in deal with OMERS Infrastructure
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Monthly Digital Subscription
$1 per week for 24 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $4.00 plus GST every four weeks. After 24 weeks, price increases to the regular rate of $19.00 plus GST every four weeks. Offer available to new and qualified returning subscribers only. Cancel any time.
Monthly Digital Subscription
$4.75/week*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $19 plus GST every four weeks. Cancel any time.
To continue reading, please subscribe:
Add Winnipeg Free Press access to your Brandon Sun subscription for only
$1 for the first 4 weeks*
*$1 will be added to your next bill. After your 4 weeks access is complete your rate will increase by $0.00 a X percent off the regular rate.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 16/10/2020 (1798 days ago), so information in it may no longer be current.
TORONTO – Canadian Pacific Railway Ltd. will acquire full ownership of a cross-border railway tunnel under the Detroit River through a US$312-million deal with OMERS Infrastructure.
CP Rail currently owns 16.5 per cent stake in the Detroit River Tunnel Partnership.
OMERS Infrastructure, an arm of the pension system for Ontario’s municipal employees, first invested in the partnership in 2001.
The Calgary-based railway has operated the tunnel throughout the OMERS ownership period. CP Rail says full ownership of the tunnel will reduce its operating costs.
The 2.6-kilometre tunnel links Windsor, Ont., and Detroit and is an important transportation route between Canada and the United States.
The deal is expected to close at the end of the year, subject to regulatory approvals and other conditions.
This report by The Canadian Press was first published Oct. 16, 2020
Companies in this story: (TSX:CP)