CSX receives STB approval to acquire Pan Am Railways
6381380/iStock Editorial via Getty Images


CSX (NASDAQ:CSX) said that the Surface Transportation Board approved CSX's application to acquire Massachusetts based Pan Am Railways.
Terms of the transaction were not disclosed.
CSX will move forward with the acquisition with deal closure on June 1, 2022, at which time CSX will acquire control of Pan Am. 

Pursuant to the deal, CSX will operate Pan Am with a more reliable and more fuel-efficient fleet, significantly reducing fuel consumption and improving railâs environmental footprint in the region.
The addition will expand CSXâs reach in Connecticut, New York and Massachusetts while adding Vermont, New Hampshire and Maine to its existing 23-state network and will extend the reach of its service to a wider customer base over an expanded territory from and within New England.