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.

In a joint press release from the two railroading giants, the new proposed mega company is referred to as the "The Union Pacific Transcontinental Railroad."

Union Pacific has signed an agreement to acquire Norfolk Southern in a stock and cash transaction, at an enterprise value of $85bn, which will result in a combined enterprise worth over $250bn. This strategic move will create the first modern transcontinental railroad in the US,