Union Pacific Corporation announced it will acquire Norfolk Southern Corporation, forming the first coast-to-coast rail network in the U.S.

Union Pacific offers $20 billion cash and one share of its stock to buy Norfolk Southern Tuesday in a merger that could trigger the final wave of railroad mergers across the country

Union Pacific and Norfolk Southern announced on July 29 a definitive agreement to merge, forming the first true transcontinental railroad in the United States. The combined network will connect more than 50,000 route miles across 43 states, linking nearly 100 ports and delivering coast-to-coast service for American shippers.