M&A

When the merger agreement was initially announced, the rail carriers said it would create the nation’s first transcontinental railroad—which will connect more than 50,000 route miles across 43 states from the East Coast to the West Coast and connect around 100 ports as well.

With a merger application for the proposed $85 billion historic merger between Union Pacific and Norfolk Southern expected to be filed with the Surface Transportation Board (STB) this week, more than half of union employees at the railroads indicated they are not in favor of the merger. That is the word from the Brotherhood of Locomotive Engineers & Trainmen (BLET) and the Brotherhood of Maintenance of Way Employees, whom collectively account for 53% of UP and NS union employees, with the two unions...

The report observed that T&L dealmaking activity gained renewed traction over the second half of this year, with buyers prioritizing strategic alignment over scale. And it added that acquirers focused on subsectors offering defensible growth, operating efficiency, and exposure to high-barrier markets, with activity across what the firm called the full value chain, ranging from infrastructure to asset-light platforms, coupled with capital allocated for things like technology modernization, resilient supply chains, and specialized logistics services.

While a December 1 date for the merger application to be sent to the Surface Transportation Board (STB), regarding the historic proposed $85 billion merger between Class I railroads Union Pacific (UP) and Norfolk Southern (NS), had been widely anticipated, UP CEO Jim Vena said at the UBS Global Industrials and Transportation Conference this week that the merger’s submission will be delayed for about two weeks.

In a speech at last week’s RailTrends conference in New York, Union Pacific Railroad CEO Jim Vena made the case for Union Pacific’s historic proposed $85 billion merger with Norfolk Southern, in advance of the company submitting its merger application to the Surface Transportation Board.

The report, entitled "Transport M&A Review: Q3 2025," stated that quarterly deal volume, at 111, saw an 18% decrease compared to the second quarter, which was also slow, adding that on an annual basis Q3 deal volume was off 47% compared to the third quarter 2024.

While it has not crossed the finish line yet, the proposed Class I railroad merger between Union Pacific and Norfolk Southern is ostensibly moving along, with shareholders for each company nearly unanimous in voting in favor of the deal, according to respective statements issued by each company today.

Late last week, a bipartisan Senate duo—John Hoeven (R-N.D.) and Amy Klobuchar (D-Minn.)—penned a letter to leadership at the Surface Transportation Board (STB), including STB Chairman Patrick Fuchs, Vice Chair Michelle Schultz and Member Karen Hedlund, in which they stated they plan to “closely scrutinize” the proposed Class I railroad merger between Union Pacific and Norfolk Southern, with a focus on being able to demonstrate long-term competition in the freight rail sector, with clear and tangible improvements.

UPS said in April this is part of its ongoing plan to become the top global player in healthcare logistics.

The company announced that Kevin Boone has been named executive vice president and chief financial officer, and Maryclare Kenney has been promoted to senior vice president and chief commercial officer.

Following a series of less-than-truckload-related acquisitions made in recent years by its parent company Knight-Swift Transportation—a July 2021 acquisition of AAA Cooper Transportation (ACT) and its affiliated entity AAA Cooper for $1.35 billion, a December 2021 acquisition of RAC MME Holdings LLC, which is better known in trucking circles as MME (with the brand names Midwest Motor Express Inc. (MME) and also Midnite Express Inc.), for $150 million and a July 2024 acquisition of Dependable Highway Express (DHE) for $185 million—effective January 1, 2026, both MME...

In expressing their collective concern regarding the proposed Class I freight railroad carrier merger between Union Pacific and Norfolk Southern, a letter sent to President Trump from the American Chemistry Council (ACC), on behalf of 40 member-company chemical manufacturing CEOs, explained that should this deal come to fruition, it could have negative effects on United States manufacturing in various ways.

Jacksonville-based Class I railroad carrier CSX Corp. said today that Steve Angel was named as its new President and Chief Executive Office by the company’s Board of Directors, effective September 28. Angel will replaced previous president and CEO Joe Hinrichs, whom has departed the company and had been with CSX for three years, joining the company in September 2022.

The prospects of the proposed Class I rail carrier merger between Union Pacific and Norfolk Southern appear to be closer to coming to fruition are picking up steam.

The deal strengthens CMA CGM’s position in the UK railroad market and helps it shift more cargo from road to rail.