OTTAWA (dpa-AFX) - Canadian National Railway Co. (CNR.TO, CNI), a resource infrastructure ownership and operations, on Thursday announced that it has entered into a definitive agreement with Acadian Timber Corp. (ADN.TO) to acquire 90% interest in the Berland Resource Road in northwestern Alberta.
The deal represents the company's first strategic partnership in the forestry sector.
Following the deal, the company will own and operate over 300 kilometres of resource roads strategically located across Alberta.
The mill is a joint venture between entities controlled by Stern Partners and West Fraser Timber Co. Ltd., combining long-term private capital with one of North America's leading forestry operators.
Also included in the transaction is the 20 km Home Creek Road that connects to the Berland Resource Road.
Through this transaction, ANC will monetize non-core road infrastructure and redeploy capital into upgrades of its mill while simplifying its area operations and maintaining long-term alignment through its retained 10% interest.
The company will assume responsibility for road operations, administration and provide its standard high-quality, reliable service to support to ANC and all third-party road users.
In the pre-market trading, Canadian National Railway is trading at 109.94 on the New York Stock Exchange.
Acadian Timber closed trading, 0.47% higher at CAD 17.05 on the Toronto Stock Exchange.
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