Together, the two would create the first transcontinental freight rail in the United States and the largest freight rail network in the country

Union Pacific said on Tuesday it would buy smaller rival Norfolk Southern in an $85 billion deal to create the first U.S. coast-to-coast freight rail operator and reshape the movement of goods from grains to autos across the country.

Union Pacific acquires Norfolk Southern, forming the first U.S. transcontinental railroad. Read the latest stock analysis on the merger here.