CN to Purchase Iowa Northern Railway

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Acquisition Will Present Choices for Delivery to and from Iowa

MONTREAL, Dec. 06, 2023 (GLOBE NEWSWIRE) — CN (TSX: CNR) (NYSE: CNI) right now introduced that it has signed and closed an settlement to amass Iowa Northern Railway (IANR), which operates roughly 275 monitor miles in Iowa connecting to CN’s U.S. rail community. The transaction closed into an unbiased voting belief pending regulatory assessment of the transaction by the U.S. Floor Transportation Board (STB).

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IANR serves higher Midwest agricultural and industrial markets masking many items, together with biofuels and grain. This transaction represents a significant alternative to help the expansion of native enterprise by creating single-line service to North American locations, whereas preserving entry to current service choices.

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“We’re delighted to have reached an settlement with Iowa Northern Railway. We stay up for the alternatives our mixed community will present prospects, farmers, and our companions to answer the wants of their current and new markets. By enabling all of us to play an much more vital position on this important provide chain and densifying our southern community, we’re accelerating sustainable, worthwhile development.”
– Tracy Robinson, President and Chief Government Officer at CN

“We’re more than happy to have reached a take care of CN. We imagine CN shares IANR’s dedication to native stakeholders and that this transaction will probably be helpful for purchasers, workers and the native Iowa economic system. We’re assured that, as a part of CN, IANR will be capable of proceed to offer dependable first and final mile service to our native prospects whereas offering them entry to a much wider community and market.”
– Daniel Sabin, Chairman at Iowa Northern Railway

The phrases of this transaction weren’t disclosed. An STB determination concerning the transaction is predicted in 2024.

About CN
CN is a world-class transportation chief and commerce enabler. Important to the economic system, to the shoppers, and to the communities it serves, CN safely transports greater than 300 million tons of pure assets, manufactured merchandise, and completed items all through North America yearly. CN’s community connects Canada’s Jap and Western coasts with the U.S. South via an 18,600-mile rail community, CN and its associates have been contributing to neighborhood prosperity and sustainable commerce since 1919. CN is dedicated to packages supporting social accountability and environmental stewardship.

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About Iowa Northern Railway
The Iowa Northern, based mostly in Waterloo, is a important transportation community in Iowa, facilitating excessive ranges of financial improvement for the communities it serves. The corporate has been lengthy thought to be one of many nation’s premier and fastest-growing unbiased shortline railroads led by the Sabin household.

CN Ahead-looking Statements
Sure statements by CN included on this information launch represent “forward-looking statements” throughout the which means of the US Personal Securities Litigation Reform Act of 1995 and beneath Canadian securities legal guidelines. By their nature, forward-looking statements contain dangers, uncertainties and assumptions, corresponding to the danger that the IANR transaction, which is topic to regulatory approval, not be accomplished. CN cautions that its assumptions might not materialize and that present financial situations render such assumptions, though cheap on the time they have been made, topic to better uncertainty. Ahead-looking statements could also be recognized by means of terminology corresponding to “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or different comparable phrases. Ahead-looking statements replicate data as of the date on which they’re made. CN assumes no obligation to replace or revise forward-looking statements to replicate future occasions, adjustments in circumstances, or adjustments in beliefs, except required by relevant securities legal guidelines. Within the occasion CN does replace any forward-looking assertion, no inference needs to be made that CN will make extra updates with respect to that assertion, associated issues, or every other forward-looking assertion. Reference needs to be made to Administration’s Dialogue and Evaluation in CN’s annual and interim studies, Annual Info Kind and Kind 40-F, filed with Canadian and U.S. securities regulators and obtainable on CN’s web site, for an outline of main threat components.

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