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 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

$2.9 billion

Annualized synergy opportunity

Union pacific norfolk southern merger train shot

Shareholder Value

The stock and cash transaction enables both Union Pacific and Norfolk Southern shareholders to participate in the upside of the combined company’s growth opportunities and synergies.

Union Pacific and Norfolk Southern shareholders are expected to realize more than $30 billion of potential value creation.

Investor Presentation

The transaction is expected to be accretive to Union Pacific’s adjusted EPS per share by the second full year after closing.

Investor Presentation

¹ Based on Union Pacific share price on 7/16/2025 (the day prior to which rumors regarding a Union Pacific acquisition of Norfolk Southern were reported)