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Wednesday, March 31, 2010

CN sells commuter rail line segment to Metrolinx for C$168 million

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CN said it has sold a key section of track west of Toronto Union Station to Metrolinx for C$168 million. Metrolinx is the Ontario government Crown Corporation responsible for delivering an integrated, multi-modal transportation network in the Greater Toronto Area, from York and Durham regions through Toronto, the regions of Peel and Halton and the city of Hamilton. GO Transit, the operating division of Metrolinx, provides commuter rail and bus services in the GTA.

The transaction will give Metrolinx ownership of a critical section of its busiest GO Transit corridor and one that links Union Station and GO Transit's Willowbrook rail equipment facility in southwest Toronto. The transaction allows CN to preserve certain operating rights over the line segment, which will enable the company to maintain service for its freight customers.

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