CSX Corp has announced the closing of the sale of its Sea-Land Service international liner business to Maersk Line, a leading Danish container-shipping company. Under the terms of the transaction, announced on July 22, the business was sold for about US$800 million in cash, subject to adjustments. John Snow, CSX chairman and chief executive, said: 'This is an outstanding transaction for CSX and its shareholders.' The transaction allows CSX to focus on its core rail business and provides a new home for its global container-shipping company. 'We are pleased to have played a significant role in creating this new entity, Maersk-SeaLand, which is an historic milestone for the container-shipping industry,' Mr Snow said. 'We have been proud of our long association with Sea-Land, the company that launched the global container revolution, and are most gratified that the Sea-Land name will continue to be prominent in the industry through association with Maersk.' CSX's railroad operations will account for more than 80 per cent of total revenues and earnings in the future. CSX retains two former Sea-Land Service businesses: CSX Lines, which provides container shipping to and from Alaska, Hawaii, Puerto Rico and Guam; and CSX World Terminals, which operates terminal businesses in Hong Kong, China, Australia, Europe and the Dominican Republic. Annual revenues for the two companies are US$1 billion.