Davis Polk is advising CSX Corp. on its acquisition of New England’s Pan Am Railways, Inc., whose rail carrier subsidiaries comprise North America’s largest regional railroad. Financial terms of the transaction were not disclosed. The transaction is subject to regulatory review and approval by the Surface Transportation Board.

Headquartered in North Billerica, Massachusetts, Pan Am owns and operates a highly integrated, nearly 1,200-mile rail network and has a partial interest in the more than 600-mile Pan Am Southern system. Pan Am’s network across New England has access to multiple ports and large-scale commodity producers. CSX, based in Jacksonville, Florida, is a premier transportation company. It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural and consumer products.

The Davis Polk corporate team includes partners George R. Bason Jr. and Harold Birnbaum and associates Jamie Kurtz and Lucas Wozny. The tax team includes partner Patrick E. Sigmon. Partner Pritesh P. Shah is providing intellectual property advice. Partner Jeffrey P. Crandall is providing executive compensation advice. Counsel Betty Moy Huber and associate Michael Comstock are providing environmental advice. The capital markets team includes partner Shane Tintle. All members of the Davis Polk team are based in the New York office.