By Stephen Nakrosis
CSX Corp. said Monday it agreed to acquire New England's Pan Am Railways, Inc.
CSX said Pan Am's rail carrier subsidiaries "comprise North America's largest regional railroad."
Pan Am owns and operates a nearly 1,200-mile rail network and also holds a partial interest in the Pan Am Southern system, CSX said.
The deal will expand CSX's reach into Connecticut, New York and Massachusetts and add Vermont, New Hampshire and Maine to its network, the company said.
James M. Foote, CSX's president and chief executive, said, "In Pan Am, CSX gains a strong regional rail network in one of the most densely populated markets in the U.S., creating new efficiencies and market opportunities for customers as we continue to grow."
Financial terms of the deal weren't disclosed.
Write to Stephen Nakrosis at firstname.lastname@example.org
(END) Dow Jones Newswires