Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
NORFOLK SOUTHERN CORP entered into Asset Purchase and Sale Agreement with the Board of Trustees of the Cincinnati Southern Railway valued at approximately $1.62 billion (effective 2022-11-21).
- Action
- entry
- Agreement
- asset purchase
- Counterparty
- the Board of Trustees of the Cincinnati Southern Railway
- Value
- approximately $1.62 billion
- Effective
- 2022-11-21
Exact text from the filing
On November 21, 2022, Norfolk Southern Railway Company (“NSR”), a wholly owned subsidiary of Norfolk Southern Corporation (the “Registrant”), and The Cincinnati, New Orleans and Texas Pacific Railway Company (“CNO&TP”), a wholly-owned subsidiary of NSR, entered into an Asset Purchase and Sale Agreement (“Purchase Agreement”) with the Board of Trustees of the Cincinnati Southern Railway (the “Trustees”) pursuant to which the Trustees agree to sell, and NSR agrees to purchase, (i) approximately 337 miles of railway line that extends from Cincinnati, Ohio to Chattanooga, Tennessee known as the Cincinnati Southern Railway currently operated by CNO&TP under a lease agreement expiring in 2026, and (ii) certain associated real and personal property for a cash purchase price of approximately $1.62 billion, subject to certain adjustments.
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