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.

OMAHA, NEBRASKA, US — Union Pacific Corp. has agreed to acquire Norfolk Southern Corp. for $85 billion, a merger that would unite two of North America’s Class I freight railroads and major US-based grain shippers to create the country’s first transcontinental railroad.

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.