Union Pacific is seeking to buy Norfolk Southern in a $85 billion deal that would create the first transcontinental railroad in the U

The Surface Transportation Board said on Wednesday that Union Pacific and Norfolk Southern have formally filed a notice of intent to combine, triggering the U.S. regulatory review process for a proposed $85 billion merger between the two major railroads.

Union Pacific and Norfolk Southern today announced an $85 billion deal to tie their networks together and create the first U.S. transcontinental railroad. The merged company — which will be called Union Pacific — will transform the U.