09:51 AM EST, 11/14/2025 (MT Newswires) -- Union Pacific ( UNP ) and Norfolk Southern ( NSC ) said Friday their shareholders have approved the merger of the two rail companies.

Union Pacific ( UNP ) said 99.5% of votes cast by its shareholders were in favor of issuing new shares in connection with the merger, while Norfolk Southern ( NSC ) said nearly 99% of its shareholders voted to approve the merger.

Under terms of the merger, Norfolk Southern ( NSC ) shareholders will receive 1 Union Pacific ( UNP ) common share and $88.22 in cash per Norfolk Southern ( NSC ) share owned.

Union Pacific ( UNP ) said the preliminary vote count from its special meeting of shareholders represented nearly 80% of all outstanding shares. The final voting will be reported in a form 8-K filed by Union Pacific ( UNP ) with the U.S. Securities and Exchange Commission, after certification by Union Pacific's ( UNP ) independent inspector of elections, Union Pacific ( UNP ) said.

The transaction, which is still subject to Surface Transportation Board review and approval, is expected to close by early 2027, Norfolk Southern ( NSC ) said.

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