Canadian National Railway (CN) has signed and closed an agreement to acquire Iowa Northern Railway (IANR), CN announced on December 6th. IANR operates approximately 275 track miles in Iowa connecting to CN’s US rail network.
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, CN said in a press release.
The terms of this transaction were not disclosed. The transaction closed into an independent voting trust pending regulatory review of the transaction by the US Surface Transportation Board (STB). An STB decision regarding the transaction is expected in 2024.
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