JUNEAU, Alaska (AP) — One of the world's largest cruise companies plans to buy a railroad used to carry summer tourists between the Alaska community of Skagway and Carcross in Canada's Yukon.
Carnival Corp. announced Thursday that it plans to buy the White Pass and Yukon Route rail and port operations from Ontario-based TWC Enterprises Ltd.
TWC said the deal is worth $290 million, with debt, taxes and other liabilities to be deducted.
The deal is expected to close July 31. It includes 67.5 miles (108.7 kilometers) of railway, a port and a gift shop and other real estate in Skagway.
Carnival also signed an agreement with Alaska-based Survey Point Holdings Inc., which would manage the route's terminal operations.
Carnival envisions additional investments, including expansion of docking facilities to accommodate newer cruise ships.