Canadian National Railway Co. says it has completed its acquisition of a nearly 200-mile railway line encircling Chicago.
The closing on the Elgin, Joliet & Eastern Railway Company was completed late Saturday.
In a statement Sunday, CN's CEO E. Hunter Harrison says the acquisition will drive new efficiencies and the deal is important to the Chicago area's economy.
The $300 million bid by Montreal-based company was heavily scrutinized, with many wondering if the U.S. Surface Transportation Board would accept the deal in spite of heavy political pressure not to.
Federal regulators approved the sale in December, despite vocal concerns over environmental impact and safety from many in Chicago suburbs.
The rail line encircles Chicago from Waukegan to Gary, Ind.