29
Dec
02:44
Aurizon sells East Coast Rail to Magnetic Rail
Australian rail freight operator Aurizon has signed a binding sale agreement with Magnetic Rail for the latter to acquire the East Coast Rail (ECR) business, Kallanish notes.
ECR is the One Rail Australia (ORA) coal haulage business with operations in New South Wales and Queensland.
After expected completion adjustments, Aurizon will receive cash proceeds of approximately AUD 425 million ($286.48m) which represents the equity value of ECR. The purchaser will als…
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