TORONTO - GO Transit has agreed to buy a strategically important rail line that runs through Toronto from Canadian National Railway (TSX:CNR).
The provincially owned commuter service will pay $160 million to buy the track from the Montreal-based company, which owns most of the Toronto-area track that GO uses.
GO currently runs its Georgetown commuter rail service over the line, which runs from near the lakeshore in downtown Toronto along a northwestern route to connect with CN track in Brampton, Ont.
GO says it will be better able to build new infrastructure and expand its operations by owning the rail corridor.
It says Via passenger trains and CN freight trains will continue to use the line after the ownership changes.