CN to Acquire Iowa Northern Railway
On December 6, 2023, CN (TSX: CNR) (NYSE: CNI) announced it has signed and closed an agreement to acquire Iowa Northern Railway (IANR), which operates in Iowa and connects 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 (STB).
Surface Transportation Board Finds Proposed Combination is a “Minor” Transaction
On February 29, 2024, the Surface Transportation Board (STB) found that CN’s proposed combination with Iowa Northern Railway Company is a “minor” transaction.
A Combined CN-Iowa Northern Railway
“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.”
– Daniel Sabin, Chairman at Iowa Northern Railway
“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.”
– Tracy Robinson, President and Chief Executive Officer at CN