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.

Union Pacific wants 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.

OMAHA, NEB. — Union Pacific Corp. has agreed to acquire Norfolk Southern Corp. for $85 billion, a merger that would unite two of North America’s Class I freight railroads and major US-based grain shippers to create the country’s first transcontinental railroad.