(Montreal) CN announces it is acquiring the Iowa Northern Railway, subject to regulatory review.
In a press release issued Wednesday, CN says it has signed and concluded an agreement to acquire the railway, which serves agricultural and industrial markets in the northern Midwest.
Iowa Railway operates approximately 275 miles of track in Iowa that connect to the CN rail network in the United States.
CN said the transaction represents “a significant opportunity to support the growth of local businesses by creating single-carrier service to North American destinations.”
Terms of the transaction were not disclosed.
CN said a decision from the U.S. Surface Transportation Board regarding the regulatory review is expected in 2024.