CN has signed and closed an agreement to acquire Iowa Northern Railway, as of December 6.
Iowa Northern operates approximately 275 track miles in Iowa connecting to CN’s U.S. rail network, serving the upper Midwest agricultural and industrial markets, including biofuels and grain.
“This transaction represents a meaningful opportunity to support the growth of local business by creating single-line service to North American destinations, while preserving access to existing carrier options,” CN says.
The transaction closed into an independent voting trust pending regulatory review of the transaction by the U.S. Surface Transportation Board (STB). The financial details were not disclosed.
An STB decision regarding the transaction is expected in 2024.