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Stock valuation financial impact up ns merger
Realizing Significant Shareholder Value

Union Pacific and Norfolk Southern shareholders are expected to realize significant value from the transaction, including more than $30 billion of potential value creation through the expected achievement of approximately $2.75 billion in annualized synergy opportunity.

Transaction Details

$85 billion

Implied total enterprise value for Norfolk Southern1

$320

Per Norfolk Southern share in stock and cash1

25%

Premium to Norfolk Southern’s 30 day-trading day volume weighted average price on 7/16/2025

60%+

Growth in run-rate free cash flow 3 years post-close

$30 billion+

Potential value creation for Union Pacific and Norfolk Southern shareholders

$2.75 billion

Annualized synergy opportunity

Investor PresentationInfographic

1 Based on Union Pacific’s share price on July 16, 2025 (the day prior to which rumors regarding a Union Pacific acquisition of Norfolk Southern were reported).