On March 1, 2025, Canadian National Railway Company (TSX: CNR, NYSE: CNI) completed its acquisition of Iowa Northern Railway Company following authorization from the U.S. Surface Transportation Board. The transaction integrates Iowa Northern’s 175-mile rail network with CN’s nearly 20,000-mile system, enhancing single-line service for customers in grain, fertilizer, renewable fuels, and industrial markets. The deal is expected to bolster economic growth in Iowa and improve supply chain efficiency. CN’s President and CEO Tracy Robinson emphasized the acquisition's role in strengthening rail service and market access. Derek Taylor, CN’s Executive Vice-President and Chief Field Operating Officer, highlighted the shared commitment to safety and sustainability.

Jenner & Block LLP and Sidley Austin LLP acted as legal advisors to CN, while Kevin M. Sheys of the Law Office of Kevin M. Sheys LLC advised Iowa Northern Railway Company.

The initial announcement of the acquisition was made on December 6, 2023.