RailUSA Acquires CSX's 430-Mile Florida Panhandle Rail Line (Florida Gulf & Atlantic Railroad)

Union Pacific Acquires Norfolk Southern to Create a Transcontinental Railroad

August 18, 2025

Transportation

Union Pacific Corporation and Norfolk Southern Corporation announced a definitive merger to create “America’s first transcontinental railroad,” enabling seamless coast-to-coast single-line service. Norfolk Southern shareholders will receive 1 Union Pacific common share plus $88.82 in cash per share, and the companies expect the transaction to close in mid-2027 (subject to Surface Transportation Board review and other customary conditions).

PSC Group (Aurora Capital Portfolio) Acquires Steel Line Rail Services LLC

May 16, 2023

Transportation

PSC Group, a portfolio company of Aurora Capital Partners, has acquired the assets of Steel Line Rail Services LLC, a mobile railcar repair, inspection and valve maintenance provider founded in Marshall, Texas. The acquisition expands PSC's railcar repair and mobile service capabilities and broadens its geographic footprint across the U.S., Mexico and Canada.

Patriot Rail Acquires Delta Southern Railroad

September 26, 2022

Transportation

Patriot Rail Company LLC entered into a definitive agreement to acquire Delta Southern Railroad, Inc., a short line railroad operating two line segments in Louisiana serving two Mississippi River ports. The acquisition (terms undisclosed) expands Patriot Rail’s short line network and strengthens its presence and freight options in a chemical and forest-products corridor in Louisiana; the deal remains subject to customary closing conditions and regulatory authorization.

Macquarie Infrastructure Partners Acquires RailUSA, LLC

May 12, 2022

Transportation

Macquarie Infrastructure Partners (MIP) acquired 100% of the equity interests of RailUSA, LLC, the U.S. holding company operating the 430-mile Florida Gulf & Atlantic Railroad and the 228-mile Grenada Railroad. RailUSA provides freight rail services, transloading, railcar storage and industrial development opportunities; Sidley represented MIP in the transaction.

CSX Corporation Acquires Pan Am Railways

April 14, 2022

Transportation

CSX Corporation (CSX) received approval from the Surface Transportation Board and completed its acquisition of Pan Am Railways, expanding CSX's network into New England. The deal brings Pan Am's ~1,200-mile regional rail network and access to multiple ports into CSX's eastern U.S. system to create expanded service opportunities for shippers across the region.

Fortress Transportation and Infrastructure Investors (FTAI) Acquires Transtar, LLC from United States Steel

June 8, 2021

Transportation

Fortress Transportation and Infrastructure Investors LLC (FTAI) agreed to acquire United States Steel Corporation’s rail operating subsidiary, Transtar, LLC, for $640 million, with the transaction expected to close in Q3 2021 subject to regulatory approvals. FTAI and U.S. Steel will also enter a 15-year exclusive strategic rail services agreement (with minimum volume commitments for the first five years), providing FTAI with long-term contracted revenue and opportunities to grow third-party rail services and ancillary businesses.