CN/IC merger gets final U.S. approval
WASHINGTON, D.C. (May 26) - The U.S. government gave final approval yesterday to the planned merger of Canada¹s largest railway and Illinois Central Corp.
Canadian National is paying $2.4 billion for IC, a deal that will create North America’s fifth-largest railroad, with a Y-shaped track network spanning from the Atlantic and Pacific oceans to the Gulf of Mexico.
The written decision by the U.S. Surface Transportation Board rubber-stamps a preliminary ruling made on March 25.
The merger is effective June 24, roughly 15 months after CN announced its intent to buy IC. A step-by-step integration of the railroads’ operations will start July 1.
CN, after taking control of IC, will have 16,700 route-miles (26,720 route-kilometers) of track, 23,500 employees and annual revenue of $3.5 billion US.
Have your say
This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.