Canadian Pacific to acquire Central Maine & Quebec from Fortress
Canadian Pacific has announced their intention to acquire Central Maine & Quebec Railway from Fortress Transportation and Infrastructure Investors LLC. The regional railroad was established in 2014 following the bankruptcy of previous operator Montreal, Maine & Atlantic, operating more than 400 miles of track between Maine and Quebec. Central Maine & Quebec spent millions addressing deferred maintenance and bringing the railroad up to a good state of repair and going after new business following the 2013 Lac-Megantic derailment that shuttered MM&A. The end-to-end transaction will give CP increased access to the ports at Searsport, Maine, and St. John, N.B. The transaction is expected to be complete by the end of 2019, following regulatory approval.