Union Pacific Corp. agreed to acquire Norfolk Southern Corp. in a cash-and-stock transaction valued at $85 billion, forming a transcontinental rail

Union Pacific and Norfolk Southern have announced a landmark merger, forming America's first transcontinental railroad. The deal is valued at $250 billion, with Norfolk Southern appraised at $85 billion.

Lawyers from two of Wall Street’s top deals firms are advising on Union Pacific Corp.'s planned $72 billion acquisition of Norfolk Southern Corp.