Union Pacific to acquire Norfolk Southern for $85bn.

Union Pacific, a freight-hauling railroad, offered to acquire Norfolk Southern, a provider of rail transportation services, for $85bn. "This combination is transformational, enhancing the best freight transportation system in the world – it is a win for the American economy, it is a win for our customers, and it is a win for our people. It builds on President Abraham Lincoln’s vision of a transcontinental railroad from nearly 165 years ago and advances our safety, service and operational excellence strategy. I am confident this historic transaction will enhance competition to benefit customers, communities, and employees while delivering shareholder value," Jim Vena, Union Pacific CEO. On November 14, 2025, Norfolk Southern shareholders approve transaction with Union Pacific.