Canadian Pacific Railway Ltd. and Kansas City Southern will combine on April 14 to create a new single-lane railway connecting the U.S., Mexico and Canada.

The company confirmed the takeover date on Friday, after the U.S. Surface Transportation Board approved the US$27 billion sale earlier this week.

CP Rail also announced its anticipated executive leadership for the new company, Canadian Pacific Kansas City (CPKC), though the appointments have yet to be approved.

Keith Creel, current president and CEO of CP, will be CEO of CPKC.

KCS’ president and CEO Pat Ottensmeyer will be an advisor to Creel through the end of 2023, “to ensure continuity on key initiatives predominantly involving the combined company and Mexico,” CP said in a release.

The sale happened in December 2021 but it could not be completed until the regulatory body approved it on March 15 The new rail company will be headquartered in Calgary.

Creel said the new railroad will “(inject) new competition into the North American rail industry when our supply chains have never needed it more.”

"Our senior leadership team is eager to come together to write the next chapter of railroad history in North America," he said in a written statement.