CN (CNI) acquires Iowa Northern Railway

CN (TSX: CNR) (NYSE: CNI) 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 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. 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.”
- Tracy Robinson, President and Chief Executive Officer at CN

“We are very pleased to have reached a deal with CN. We believe CN shares IANR’s commitment to local stakeholders and that this transaction will be beneficial for customers, employees and the local Iowa economy. 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

The terms of this transaction were not disclosed. An STB decision regarding the transaction is expected in 2024.

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