Union Pacific acquires Norfolk Southern, forming the first U.S. transcontinental railroad. Read the latest stock analysis on the merger here.

Union Pacific said on Tuesday it would buy smaller rival Norfolk Southern in an $85 billion deal to create the first U.S. coast-to-coast freight rail operator and reshape the movement of goods from grains to autos across the country.

Union Pacific and Norfolk Southern today announced an $85 billion deal to tie their networks together and create the first U.S. transcontinental railroad. The merged company — which will be called Union Pacific — will transform the U.