CSX Corp.confirmed today the closing of the first phase of a comprehensive $525-million rail agreement with the Commonwealth of Virginia. This transaction is part of the Commonwealth’s previously announced multi-billion dollar rail transportation initiative to improve service and infrastructure in the state.

“CSX is pleased to close the first phase of this transaction with the Commonwealth of Virginia,” said James M. Foote, president and chief executive officer of CSX. “This transaction highlights our ability to find creative ways to generate meaningful value from our assets while enhancing the safety and efficiency of passenger and freight rail service in a vital transportation corridor. CSX looks forward to our continued partnership with the Commonwealth which will benefit commuters as well as our valued freight customers in the future.”

On March 26, 2021, CSX entered into an agreement to sell certain interests in three CSX-owned line segments to the Commonwealth of Virginia for a total of $525 million. This first phase of the agreement is for the conveyance of a permanent land easement to enable the separation of passenger and freight rail operations in the Washington, DC to Petersburg, Va. corridor. The remaining phases of the deal relate to line segments from Petersburg, Va. to Ridgeway, N.C., and from Doswell, Va. to Clifton Forge, Va. CSX anticipates closing on the remaining conveyances over the next two years.

-via Press Release