Canadian Pacific to buy Central Maine and Quebec Railway

BANGOR, Maine – A railroad that includes a segment in Canada where a fiery oil train derailment claimed 47 lives will soon have a new owner.

Canadian Pacific announced Thursday it’s buying Central Maine & Quebec Railway by year’s end. President and CEO Keith Creel said the deal will give Canadian Pacific a coast-to-coast network and a bigger presence in the eastern U.S.

Central Maine & Quebec owns 480 miles (770 kilometres) of rail, mostly in Maine and Quebec, including the portion where an oil train derailed in July 2013 in Lac Megantic, Quebec.

The runaway train was operated by Montreal Maine & Atlantic Railway.

An affiliate of Fortress Investment Group bought the assets and formed Central Maine and Quebec in 2014. Fortress would retain a tank car depot and a contract for a branch line in Ohio.