The Canadian National Railroad announced it has reached an agreement to acquire the Waterloo-based Iowa Northern Railway.
Iowa Northern has some 275 miles of track that runs from Manly to Cedar Rapids, with branch lines from Waterloo to Oelwein, and Forest City to Belmond.
The Iowa Northern website says it has 110 employees and serves 20 grain elevators, two ethanol plants, and two mineral processing facilities.
The terms of the deal were not disclosed, and it must be approved by federal regulators, which is expected in 2024.