Transportation

Union Pacific Is Exploring a Deal for Norfolk Southern

Norfolk Southern, left, and Union Pacific Railroad freight locomotives in Burnside, Kentucky. — Norfolk Southern, left, and Union Pacific Railroad freight locomotives in Burnside, Kentucky.
Photographer: Luke Sharrett/Bloomberg

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By Kiel Porter and Josh Sisco

July 17, 2025 at 8:50 PM UTC

Updated on

July 17, 2025 at 11:07 PM UTC

Union Pacific Corp. is exploring an acquisition of Norfolk Southern Corp., setting up what could rank as the largest railroad deal ever, according to people familiar with the matter.

The talks are at an early stage and there’s no guarantee the companies will reach a deal, the people said, asking not to be identified because the information is private.