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

Union Pacific is seeking to buy Norfolk Southern in a $85 billion deal that would create the first transcontinental railroad in the U.

Union Pacific Corp. agreed to acquire Norfolk Southern Corp. in a cash-and-stock transaction valued at $85 billion, forming a transcontinental rail behemoth in what stands to be the industry’s largest deal ever.