CN says it's acquiring Iowa Northern Railway, pending regulatory review. 

In a press release Thursday evening, CN says it has signed and closed an agreement to acquire the railway, which serves upper Midwest agricultural and industrial markets. 

The Iowa railway operates approximately 275 track miles in Iowa connecting to CN's U.S. rail network. 

CN says the transaction "represents a meaningful opportunity to support the growth of local business by creating single-line service to North American destinations." 

Terms of the transaction were not disclosed. 

CN says a decision from the U.S. Surface Transportation Board regarding the decision is expected in the new year.