March 30, 2011 / 8:46 PM / 7 years ago

UPDATE 1-Metrolinx buys rail segment from CN Railway for C$299 mln

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March 30 (Reuters) - Metrolinx, the regional transportation agency of the Canadian province of Ontario, said it bought a key commuter-rail segment of Canadian National Railway’s Kingston subdivision for C$299 million.

The rail route connects the east of Union Station in Toronto to a junction in Pickering, Ontario, where the line then meets GO Transit’s rail.

GO Transit is Ontario’s inter-regional transit system, linking Toronto to the greater Toronto area and beyond.

With this deal, Metrolinx said it owns 61 percent of the rail corridors on which GO Transit operates.

Shares of CN Railway closed slightly up at C$72.44 on Wednesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Joyjeet Das)

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