BUSINESS

CN sells rail west of Toronto used by GO Transit to Metrolinx for $52.5 million

03/22/2013 03:05 EDT | Updated 05/22/2013 05:12 EDT
TORONTO - Canadian National Railway Co. (TSX:CNR) has sold a portion of rail line west of Toronto to Metrolinx for $52.5 million.

The segment of line between Oakville, Ont., and Burlington, Ont., is mainly used by commuter trains operated by GO Transit.

CN says it will continue to operate freight trains over the rail line.

Metrolinx, which owns GO Transit, is a provincial transportation agency that operates inter-regional public transit between Toronto and surrounding areas.

Shares in CN were up $1.18 or 1.19 per cent at $100.02 in mid-afternoon trading Friday on the Toronto Stock Exchange.