CN to Acquire Iowa Northern Railway

Dec. 6, 2023 - Canadian National Railway Company (CN) today announced that it has signed and closed an agreement to acquire Iowa Northern Railway (IANR), which operates approximately 275 track miles in Iowa connecting to CN’s U.S. rail network.

The terms of the deal were not disclosed.

The transaction closed into an independent voting trust pending regulatory review of the transaction by the U.S. Surface Transportation Board (STB).

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.

“We are delighted to have reached an agreement with Iowa Northern Railway,” said Tracy Robinson, President and Chief Executive Officer at CN. “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.”

An STB decision regarding the transaction is expected in 2024.

About Iowa Northern Railway

The Iowa Northern, based in Waterloo, is a critical transportation network in Iowa, facilitating high levels of economic development for the communities it serves. The company has been long regarded as one of the country’s premier and fastest-growing independent shortline railroads led by the Sabin family.

SOURCE: CN