USA: Canadian National has signed an agreement to acquire Iowa Northern Railway, an independent 440 track-km Class III short line led by the Sabin family which connects with CN’s US network as well as with CPKC and Union Pacific routes.
IANR will be transferred to an independent voting trust pending regulatory review of the transaction by the US Surface Transportation Board; a decision is expected in 2024.
IANR serves upper Midwest agricultural and industrial markets, with traffic including biofuels and grain. CN said the transaction announced on December 6 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’.
IANR Chairman Daniel Sabin said ‘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.’
