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NEW YORK - Canadian National Railway Co. said Monday it has acquired three main units and a rail-freight operation of the Quebec Railway Corp. for 49.8 million Canadian dollars ($41.4 million.)
Canadian National is buying 540 miles of track it used to own in eastern Ontario, eastern Quebec and northern New Brunswick, as well as a ferry service on the St. Lawrence River in eastern Quebec.
The railroad sold the rail lines to the Quebec Railway in the late 1990s and has held a minority stake in the ferry operation since its start in 1975.
Canadian National said it will invest over the next three years to upgrade the newly acquired rail lines, and will also replace the existing locomotive fleet.
Quebec Railway's Sydney Coal Railway Inc. and its Chemin de fer de Charlevoix Inc. units were not included in the deal.
Shares of Canadian National rose 68 cents to $43.93 in afternoon trading.
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