Union Pacific to acquire Norfolk Southern for $320/sh; creates first transcontinental railroad

NORFOLK SOUTHERN CORP

Transaction values Norfolk Southern at $85B enterprise; combined enterprise over $250B.
Norfolk Southern shareholders to receive 1.0 UNP share + $88.82 cash per NSC share; $320 implied value.
Expected annualized synergies of approximately $2.75B; STB approval required; target close early 2027.
Combined network of over 50,000 route miles across 43 states, linking ~100 ports.
Union Pacific will issue ~225M shares; NSC shareholders to own 27% of combined company.

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