M&A · Industrials · Railroads, Line-Haul Operating
Union Pacific Corp to acquire Norfolk Southern Corp
Announced Jul 29, 2025 · Pending Oct 1, 2025
Deal value$85.00BEV $85.00B
Premium—To unaffected price
EV / Adj. EBITDA14.3x7.0x EV / Revenue
ConsiderationCash and stock$320.00 per share
Transaction
- Acquirer
- Union Pacific Corp (UNP)
- Target
- Norfolk Southern Corp (NSC)
- Buyer type
- Strategic
- Offer price per share
- $320.00
- Enterprise value
- $85.00B
- Status
- Pending Oct 1, 2025
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- $2.50B · 2.9%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Morgan Stanley, Wells Fargo
- To the target
- BofA Securities
- Morgan Stanley fee
- $52.5M
- Wells Fargo fee
- $52.5M
Sector context · Industrials
- Comparable deals
- 95 in the prior 24 months
- Premium
- Sector median 38.5%
- EV / Adj. EBITDA
- 14.3x vs. 9.6x sector median
- Break fee
- Sector median 2.6%
Timeline
- AnnouncedJul 29, 2025
- Proxy filedOct 1, 2025
- Definitive proxyOct 1, 2025
- Shareholder votePending
- ClosedPending
Valuation · fairness opinions
Trading comparablesMorgan Stanley$254.00$308.00
Trading comparablesMorgan Stanley$243.00$290.00
Future share priceMorgan Stanley$259.00$312.00
Future share priceMorgan Stanley$266.00$316.00
Discounted cash flowMorgan Stanley$274.00$342.00
Trading comparablesWells Fargo$240.00$294.00
Trading comparablesWells Fargo$236.00$276.00
Precedent transactionsWells Fargo$307.00$357.00
Trading comparablesWells Fargo$270.00$350.00
Trading comparablesWells Fargo$359.00$461.00
Offer $320.00
Implied value per Norfolk Southern Corp share by analysis, from Morgan Stanley and Wells Fargo.