Major cruise company buys rail, port operations in Alaska
JUNEAU, Alaska (AP) - One of the world's largest cruise companies plans to buy a railroad used for summer tourists between the southeast Alaska community of Skagway and Carcross, in Canada's Yukon.
Carnival Corporation announced Thursday that it plans to buy from Ontario-based TWC Enterprises Ltd. the White Pass and Yukon Route rail and port operations.
TWC Enterprises said the deal is worth $290 million, with debt, taxes and other liabilities to be deducted.
The deal is expected to close July 31. It includes 67.5 miles (108.7 kilometers) of railway, a port and a gift shop and other real estate in Skagway.
Carnival also signed an agreement with Alaska-based Survey Point Holdings Inc., which would manage the route's terminal operations.
Carnival envisions additional investments, including expansion of docking facilities to accommodate newer cruise ships.
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