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M&A Deal Summary

Union Pacific Acquires Norfolk Southern

On July 29, 2025, Union Pacific acquired transportation company Norfolk Southern for 85.0B USD

Acquisition Highlights
  • This is Union Pacific’s 5th transaction in the Transportation sector.
  • This is Union Pacific’s largest (disclosed) transaction.
  • This is Union Pacific’s 6th transaction in the United States.
  • This is Union Pacific’s 1st transaction in Georgia.

M&A Deal Summary
Date 2025-07-29
Target Norfolk Southern
Sector Transportation
Buyer(s) Union Pacific
Deal Type Add-on Acquisition
Deal Value 85.0B USD
Advisor(s) BofA Securities (Financial)
Wachtell, Lipton, Rosen & Katz (Legal)

Target

Norfolk Southern

Atlanta, Georgia, United States
Norfolk Southern's corporate headquarters in Atlanta, Georgia.
Norfolk Southern's corporate headquarters in Atlanta, Georgia.
Norfolk Southern primarily engages in the rail transportation of raw materials, intermediate products, and finished goods primarily in the Southeast, East, and Midwest and, via interchange with rail carriers, to and from the rest of the United States. Norfolk Southern also transports overseas freight through several Atlantic and Gulf Coast ports and provides comprehensive logistics services through an extensive intermodal network in the eastern half of the United States. Norfolk Southern was formed in 1980 and is based in Atlanta, Georgia.

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Buyer(S) 1

Buyer

Union Pacific

Omaha, Nebraska, United States
Category Company
Founded 1862
Sector Transportation
Employees32,439
Revenue 24.3B USD (2024)
DESCRIPTION
Union Pacific's corporate headquarters in downtown Omaha, Nebraska.
Union Pacific's corporate headquarters in downtown Omaha, Nebraska.

Union Pacific is a transportation company whose principal operating company, Union Pacific Railroad, is a railroad franchise serving the Western half of the United States. Union Pacific was founded in 1862 and is based in Omaha, Nebraska.

DEAL STATS #
Overall 6 of 6
Sector: Transportation M&A 5 of 5
Type: Add-on Acquisition M&A Deals 4 of 4
State: Georgia M&A 1 of 1
Country: United States M&A 6 of 6
Year: 2025 M&A 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-28 Wabtec - FLXdrive Battery-Electric Locomotive

Wilmerding, Pennsylvania, United States

Wabtec's FLXdrive Battery-Electric Locomotive includes 2.5-MWh locomotives are each powered solely by 7,000 battery cells, providing Union Pacific a zero-emission solution for its yard operations.

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