Union Pacific is seeking to buy Norfolk Southern in a $85 billion deal that would create the first transcontinental railroad in the U.S, and potentially trigger a final wave of rail mergers across the country.

The Union Pacific and Norfolk Southern corporations announced Tuesday the companies will merge to create America's first transcontinental freight railroad.

Omaha-based Union Pacific Railroad’s announcement Tuesday that it is acquiring the Norfolk Southern Railway — a move that would create the first transcontinental, coast-to-coast rail system — drew praise from Nebraska’s public and business leaders.