Union Pacific plans to acquire Norfolk Southern in $85B deal

(NewsNation) — Union Pacific announced a plan to acquire Norfolk Southern in a deal worth $85 billion, the railroad giant announced Tuesday.

If approved, the proposed merger would create the nation's first transcontinental railroad, connecting more than 50,000 miles across 43 states, according to the release.

"This combination will transform the U.S. supply chain, unleash the industrial strength of American manufacturing, and create new sources of economic growth and workforce opportunity that preserves union jobs," the companies' release reads.

The deal will require federal approval, which could prove complicated for a deal of this size.