Norfolk Southern Agrees to Buy Assets of Cincinnati Southern Railway
21 November 2022 - 11:10PM
Dow Jones News
By Stephen Nakrosis
Norfolk Southern Corp. said its subsidiary, Norfolk Southern
Railway Co., will acquire substantially all assets of the
Cincinnati Southern Railway.
The Cincinnati Southern Railway, which is owned by the City of
Cincinnati and operated by the Cincinnati, New Orleans and Texas
Pacific Railway Co., consists of about 337 miles of railroad
running from Cincinnati to Chattanooga, Tennessee, Norfolk Southern
said.
The deal will provides Norfolk Southern with ownership of about
9,500 acres of land that sits under infrastructure it maintains and
operates and ensures Norfolk Southern will own the line in
perpetuity, the company said.
According to Norfolk Southern, "the line is one of the highest
density segments of the company's network, with as many as 30
trains a day traveling the route."
Once the deal closes, which is expected in the first half of
2024, the City of Cincinnati will receive cash consideration of
about $1.62 billion, Norfolk Southern said.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
November 21, 2022 16:55 ET (21:55 GMT)
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