M&A Deal Summary

CSX and Norfolk Southern Acquire Conrail

On January 1, 1997, CSX and Norfolk Southern acquired transportation company Conrail

Acquisition Highlights
  • This is CSX’s 2nd and Norfolk Southern’s 1st transaction in the Transportation sector.
  • This is CSX’s 2nd and Norfolk Southern’s 1st transaction in the United States.
  • This is CSX’s 1st and Norfolk Southern’s 1st transaction in Pennsylvania.

M&A Deal Summary
Date 1997-01-01
Target Conrail
Sector Transportation
Buyer(s) CSX
Norfolk Southern
Deal Type Joint Venture

Target

Conrail

Philadelphia, Pennsylvania, United States
website
Conrail operates local rail freight service on behalf of its owners, CSX Corporation and Norfolk Southern Corporation, Conrail continues to provide safe and efficient rail service for many local rail freight customers in Detroit, New Jersey and Philadelphia.

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Buyer(S) 2

Buyer

CSX

Jacksonville, Florida, United States

website

Category Company
Founded 1978
Sector Transportation
Employees22,500
Revenue 14.9B USD (2022)
DESCRIPTION
CSX's corporate headquarters in Jacksonville, Florida.
CSX's corporate headquarters in Jacksonville, Florida.

CSX is a national railroad company principally serving the southeast US. CSX's rail and intermodal businesses provide rail-based transportation services including traditional rail service and the transport of intermodal containers and trailers. CSX was founded in 1978 and is based in Jacksonville, Florida.

DEAL STATS #
Overall 2 of 5
Sector (Transportation) 2 of 4
Type (Joint Venture) 1 of 1
State (Pennsylvania) 1 of 1
Country (United States) 2 of 5
Year (1997) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1994-01-01 The Indiana Railroad

Indianapolis, Indiana, United States

The Indiana Railroad Co., operates a variety of consumer, energy and industrial products, and serves central and southwest Indiana and central Illinois with nationwide connections at transportation hubs such as Chicago, Indianapolis and Louisville, Ky.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2002-12-05 Horizon Lines

Charlotte, North Carolina, United States

Horizon Lines, Inc. is a container transportation shipping company, accounting for over 35% of all U.S. marine container shipments from the U.S. mainland to Alaska, Hawaii / Guam and Puerto Rico.

Sell $300M
Buyer

Norfolk Southern

Atlanta, Georgia, United States

website

Category Company
Founded 1980
Sector Transportation
Employees18,100
Revenue 11.1B USD (2021)
DESCRIPTION
Norfolk Southern's corporate headquarters in Atlanta, Georgia.
Norfolk Southern's corporate headquarters in Atlanta, Georgia.

Norfolk Southern primarily engages in the rail transportation of raw materials, intermediate products, and finished goods primarily in the Southeast, East, and Midwest and, via interchange with rail carriers, to and from the rest of the United States. Norfolk Southern also transports overseas freight through several Atlantic and Gulf Coast ports and provides comprehensive logistics services through an extensive intermodal network in the eastern half of the United States. Norfolk Southern was formed in 1980 and is based in Atlanta, Georgia.

DEAL STATS #
Overall 1 of 2
Sector (Transportation) 1 of 1
Type (Joint Venture) 1 of 1
State (Pennsylvania) 1 of 1
Country (United States) 1 of 1
Year (1997) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-07-01 TransWorks

Fort Wayne, India

Transworks is an offshore call centre providing high quality, cost-effective solutions to global customers. The Company has more than 3,000 employees across multiple locations in India.

Buy -
Mergr

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