Union Pacific Considering a Norfolk Southern Buyout, Report Says. Here’s What Will Matter. Union Pacific is in talks to merge with Norfolk Southern, The Wall Street Journal reported Thursday, in a deal that would shake up the railroad business in America.

Railroad operator Union Pacific (UNP) is reportedly close to acquiring Norfolk Southern (NSC) for $320 per share in a cash-and-stock deal, which would give its smaller rival a valuation of about $72 billion.

Union Pacific , the largest U.S. railroad operator, could reach an agreement to acquire rival Norfolk Southern as soon as early next week, Bloomberg News reported on Friday, citing people familiar with the matter.