Canadian Pacific to buy DM&E for $1.48 bln

NEW YORK, Sept 5 (Reuters) - Canadian Pacific Railway Ltd (CP.TO) said it plans to acquire the Dakota, Minnesota & Eastern Railroad Corp for at least $1.48 billion to expand its network and increase its access to U.S. Midwest markets.

Canadian Pacific, which announced the plan late on Tuesday, said the deal consists of a $1.48 billion cash payment upon closing and future contingent payments of up to about $1.0 billion.