Overview

• The $85 billion cash-and-stock agreement values Norfolk Southern at about $320 per share by offering one Union Pacific share plus $88.82 in cash for each NS share.
• If approved, the deal will unite Union Pacific’s western two-thirds network with Norfolk Southern’s 19,500-mile eastern system into a single transcontinental line spanning over 50,000 route miles.
• Both boards unanimously approved the proposal on July 29 and aim to close the transaction by early 2027 following STB approval under Chairman Patrick Fuchs’s condition-based process.
• Major railroad unions have announced plans to oppose the merger over concerns that consolidation could threaten jobs, disrupt service and impact local communities.
• In response to the announced coast-to-coast operator, rival carriers BNSF and CSX are exploring their own merger and acquisition strategies to maintain competitive scale.