---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-167154"
form_type: "8-K"
ticker: "UNP"
cik: "0000100885"
company_name: "UNION PACIFIC CORP"
filed_at: "2025-07-29T23:59:59+00:00"
generated_at: "2026-05-17T23:28:36.603882+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# Union Pacific to acquire Norfolk Southern for $85B enterprise value, creating first transcontinental railroad

## Summary
- Deal values Norfolk Southern at $320/share (1.0 UNP share + $88.82 cash), 25% premium to 30-day VWAP.
- Expected annualized synergies of ~$2.75B; combined enterprise over $250B.
- Transaction expected to close by early 2027; subject to STB approval and shareholder votes.
- Reverse termination fee of $2.5B; Debt/EBITDA of ~3.3x post-closing.
- All union employees offered jobs; combined network spans 50,000 route miles, 43 states, ~100 ports.

## SEC filing metadata
- accession: 0001193125-25-167154
- form_type: 8-K
- ticker: UNP
- cik: 0000100885
- company_name: UNION PACIFIC CORP
- filed_at: 2025-07-29T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/100885/000119312525167154/0001193125-25-167154-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/100885/000119312525167154/d64537d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-167154
- JSON: https://secwatch.observer/filing/0001193125-25-167154.json
- Plain text: https://secwatch.observer/filing/0001193125-25-167154.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.