Canadian National to aquire Iowa Northern Railway

CN announced that it has signed and closed an agreement to acquire Iowa Northern Railway, which operates approximately 275 track miles in Iowa connecting to CN’s U.S. rail network. The transaction closed into an independent voting trust pending regulatory review of the transaction by the U.S. Surface Transportation Board. IANR serves upper Midwest agricultural and industrial markets covering many goods, 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. The terms of this transaction were not disclosed. An STB decision regarding the transaction is expected in 2024.