CSX Files Expanded Application With STB To Acquire Pan Am Railways - Quick Facts

(RTTNews) - CSX Corp. (CSX) announced Friday that it submitted an amended and supplemented application to the Surface Transportation Board (STB) as part of the previously announced agreement to acquire New England's Pan Am Railway's Inc.

The amended application provides all of the additional details of the proposed transaction requested by the STB in their May 26, 2021 ruling.

Pan Am owns and operates a highly integrated, nearly 1,200-mile rail network and has a partial interest in the more than 600-mile Pan Am Southern system.

The proposed transaction will expand CSX's reach in Connecticut, New York and Massachusetts while adding Vermont, New Hampshire and Maine to its existing 23-state network.

It will also extend the reach of CSX's service to a wider customer base over an expanded territory, creating new efficiencies and market prospects for customers to capitalize on a robust pipeline of growth opportunities to move freight to, from and within New England.

Over the next five years, CSX would invest to upgrade and modernize the Pan Am system, which will make the New England rail network more efficient and safer for operations, communities and passenger rail.

New England will also benefit from CSX's track record as leader in environmental performance.

Terms of the transaction were not disclosed. The transaction is subject to regulatory review and approval by the Surface Transportation Board.