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
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.
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)