The ICC cleared the way for CSX to buy Sea-Land.
In a unanimous vote, the Interstate Commerce Commission approved CSX Corp.’s planned $803 million purchase of Sea-Land Corp., the first merger between a railroad and an ocean shipper. The merger, when completed, will make Richmond Va.-based CSX a formidable competitor in the transport industry, with 27,000 miles of railroad tracks, barges, pipelines, trucking and global shipping. However, the commission postponed CSX’s ability to acquire two Sea-Land trucking subsidiaries, Sea-Land Freight Services Inc. and Intermodal Systems Inc. CSX agreed to buy Sea-Land at $28 a share last April.
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