Delivering Benefits to All Stakeholders
For Our Shareholders
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
Implied total enterprise value for Norfolk Southern1
Per Norfolk Southern share in stock and cash1
Premium to Norfolk Southern’s 30 day-trading day volume weighted average price on 7/16/2025
Growth in run-rate free cash flow 3 years post-close
Potential value creation for Union Pacific and Norfolk Southern shareholders
Annualized synergy opportunity
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).