The Surface Transportation Board (STB) has approved CSX’s application to acquire Pan Am Railways.
CSX said it will move forward with the acquisition with a planned closing date of June 1.
“CSX is pleased that the STB approved the proposed acquisition of Pan Am and has recognized the significant benefits this transaction will bring to shippers and other New England stakeholders,” James M. Foote, CSX’s president and chief executive officer, said in a news release. “We look forward to integrating Pan Am, their employees and the rail-served industries of the Northeast into CSX and to working in partnership with connecting railroads to provide exceptional supply chain solutions to New England and beyond.”
Headquartered in North Billerica, Massachusetts, Pan Am owns and operates nearly 1,200-mile rail network and has a partial interest in the more than 600-mile Pan Am Southern system. Pan Am’s network across New England has access to multiple ports and large-scale commodity producers.
The 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.
Terms of the transaction were not disclosed.
