Union Pacific wants to buy Norfolk Southern in a $85 billion deal that would create the first transcontinental railroad in the U.S, and potentially trigger a final wave of rail mergers across the country.

Union Pacific has signed an agreement to acquire Norfolk Southern in a stock and cash transaction, at an enterprise value of $85bn, which will result in a combined enterprise worth over $250bn. This strategic move will create the first modern transcontinental railroad in the US,

Union Pacific Transcontinental Railroad will strengthen U.S. supply chain, economy, and domestic manufacturing; preserve union jobs.