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OmniTRAX to acquire North American RailNet's three U.S. short lines


OmniTRAX Inc.’s short-line roster soon will number 18. Yesterday, the holding company announced it reached an agreement with North American RailNet Inc. (NAR) to acquire the firm’s three U.S. short lines. Subject to regulatory approval, the transaction is expected to be completed in early May.

The deal includes the 559-mile Nebraska, Kansas & Colorado RailNet Inc., 297-mile Georgia & Florida RailNet Inc., and 113-mile Illinois RailNet Inc. NAR’s Canadian short line, Alberta RailNet Inc., will be owned by NAR shareholders. Robert W. Baird & Co. is serving as NAR’s financial advisor.

“The addition of these railroads is a significant step in the plans for expansion of the regional railway holdings as well as diversification of the customer base,” said OmniTRAX Chief Operating Officer Bob Parker in a prepared statement.

Last year, NAR sold the 245-mile Camas Prairie RailNet Inc. to The Watco Cos.

Contact Progressive Railroading editorial staff.

More News from 4/1/2005