Competition commission COFECE and telecoms institute IFT have granted regulatory approval for Canadian Pacific Railway’s proposed acquisition of Kansas City Southern.

‘This important milestone marks the next step on our path to creating the first single-line rail network linking the US, Mexico and Canada’, said CP President & CEO Keith Creel on November 26.

The transaction remains subject to satisfaction of customary closing conditions, including votes by CP and KCS and shareholders which are scheduled on December 8 and 10 respectively.

Provided the transaction is approved by shareholders, it is expected to close two business days later on December 14.

CP’s ultimate acquisition of control of the US activities of KCS is subject to the approval of the US Surface Transportation Board, which is expected to complete its review in Q4 2022.