Question Period Note: Canadian Pacific Railway Acquisition of Central Maine & Quebec Railway

• The Canadian Pacific Railway (CP) acquired the Central Maine & Quebec Railway (CMQ) on December 30, 2019.
• CMQ will continue to operate the rail corridor within the CP family.
• CP and CMQ will work in collaboration with Transport Canada and other implicated parties to continue moving forward with the Lac-Mégantic railway bypass project.
• CP has confirmed an investment of $75M over the next three years on the CMQ rail network.
• It is good to see a Canadian company continue to grow and add more communities to the network it serves.

• On May 11, 2018, the Prime Minister of Canada and the Premier of Quebec announced the rail bypass in Lac-Mégantic in recognition of the deadly rail accident that occurred in July 2013.
• As per an agreement in principle between Transport Canada (TC) and the Central Maine & Quebec Railway (CMQ), the company was identified as the promoter and responsible to carry the bypass project.
• In May 2019, CMQ's shareholder, Fortress Investment Ltd, announced that it had initiated steps to sell CMQ. On November 20, 2019, Canadian Pacific Railway (CP) announced that it had an agreement in principle to acquire CMQ, and on December 30, 2019, the acquisition process was finalized.
• CMQ is a 480-mile Class II railroad that runs from Montreal to the east coast of Maine, USA. Fortress Investment Ltd. acquired assets out of bankruptcy proceedings in 2014 from the Montreal, Maine & Atlantic Railroad, which were subsequently renamed the CMQ.
• TC is already in discussions with CP and CMQ to deliver the Lac-Mégantic rail bypass project for the town and surrounding communities.

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