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 is seeking 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-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.