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CN yesterday announced it has signed and closed an agreement to acquire Iowa Northern Railway (IANR), which operates 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 Surface Transportation Board (STB), CN officials said in a press release.
Financial terms were not disclosed. An STB decision on the acquisition is expected in 2024, according to CN.
IANR serves upper Midwest agricultural and industrial markets covering many goods, including biofuels and grain. The 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 officials said.
"We look forward to the opportunities our combined network will provide customers, farmers and our partners to respond to the needs of their existing and new markets. By enabling all of us to play an even more important role in this critical supply chain and densifying our southern network, we are accelerating sustainable, profitable growth," said CN President and CEO Tracy Robinson.
IANR Chairman Daniel Sabin added: "We are confident that, as part of CN, IANR will be able to continue to provide reliable first and last mile service to our local customers while providing them access to a much broader network and market."