Australia's largest rail freight operator Aurizon Holdings announced that it will sell its East Coast Rail business to Magnetic Rail Group for AUSD 425 million. Aurizon said “The sale is in accordance with its agreement with the country's competition regulator, following its AUD 1.75 billion acquisition deal for One Rail Australia that was finalised in July 2022. Sales proceeds from the ECR deal will be used to reduce Aurizon's debt, while Magnetic Rail Group will assume ECR's existing debt. The ORA deal is expected to help Aurizon diversify from coal and add bulk capacity, aiding its transition to greener energy. More than a third of Aurizon's core earnings came from coal in fiscal 2021.