CSX, CARLYLE GROUP COMPLETE SALE OF CSX LINES
CSX Corp., the Jacksonville-based rail transportation, intermodal and terminal operator, has completed the sale of CSX Lines LLC to a venture formed with The Carlyle Group, a Washington, D.C.-based private equity firm.
CSX received $300 million for CSX Lines — $240 million in cash and $60 million in securities issued by the venture.
Greg Ledford, managing director of Carlyle, said that CSX Lines will be renamed Horizon Lines, and that Charles G. 'Chuck' Raymond, president and chief executive officer of CSX Lines, will remain as head of Horizon Lines, based in Charlotte, N.C.