Magnetic Rail completed the acquisition of the East Coast Rail business of Aurizon for $285m.

Magnetic Rail, a subsidiary of Magnetic Infrastructure, completed the acquisition of the East Coast Rail business of Aurizon, a freight rail transport company, for $285m. “The sale provides the best outcome for Aurizon and its shareholders, delivering a strong sale price and certainty in completing the divestment. We are pleased to have secured the sale of the ECR business and look forward to the transaction completing in early 2023. We have already successfully integrated the ORA bulk and general freight assets into our Bulk business and are excited about both the quality of these assets and the many opportunities for growth,” Andrew Harding, Aurizon Managing Director and CEO.