Lombard Investments sells railroad 

San Francisco private equity investment firm Lombard Investments Inc. said it has signed an agreement with the Canadian Pacific Railway Limited to sell one of its portfolio companies, the Dakota and Minnesota and Eastern Railroad Corporation.

Canadian Pacific will pay $1.48 billion in cash at closing and future payments of up to approximately $1 billion contingent on the development of a major rail line linking the DM&E to the Wyoming Powder River Basin coal deposits.

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