Union Pacific announced an $85 billion deal Tuesday to purchase Atlanta-based Norfolk Southern, an agreement that, if approved by shareholders and regulators, would create a transcontinental railroad company, but cost Georgia a Fortune 500 headquarters.

Union Pacific CEO Jim Vena will be the top executive of the combined company, which will be called Union Pacific with headquarters in Omaha, Nebraska.

Atlanta "will remain a core location for the combined organization over the long-term with a focus on technology, operations, and innovation, among other priorities," according to an announcement by the two companies.

The transaction could have massive consequences for the U.S. freight rail industry and the shippers that use it - as well as for Norfolk Southern's Atlanta headquarters

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