CSX Completes Acquisition of Pan Am Railways

    JACKSONVILLE, Fla. (Globe Newswire) — CSX Corp. announced it has completed the acquisition of Pan Am Railways, Inc. (Pan Am), expanding its reach into the rapidly growing Northeast region of the country.

    “We are excited to welcome Pan Am’s experienced railroaders into the CSX family and look forward to the improvements we will make together to this important rail network in New England, bringing benefits to all users of rail transportation in the Northeast region,” said president and chief executive officer, James M. Foote. “This acquisition demonstrates CSX’s growth strategy through efficient and reliable freight service and will provide sustainable and competitive transportation solutions to New England and beyond.”

    Completion of this transaction comes six weeks after CSX received regulatory approval from the Surface Transportation Board. Terms of the transaction were not disclosed. Goldman Sachs & Co. LLC acted as financial advisor, Steptoe & Johnson LLP acted as regulatory counsel, and Davis Polk & Wardwell LLP acted as transactional counsel.