Major Railroad Mergers – Resources

The Surface Transportation Board has exclusive jurisdiction to review and approve railroad mergers and acquisitions.
A major merger involves at least two Class I railroads.  Class I railroads are defined as those with annual operating revenues of $1,074,600,816 or more.

Statutes and Regulations

Statutes: 49 U.S.C §§ 11321 to 11328

Regulations: 49 CFR Part 1180

Frequently Asked Questions

Sample Timeline

Union Pacific Corporation—Control—Norfolk Southern Corporation, Docket No. FD 36873
All filings in this proceeding are available by clicking “Search STB Records” on the Board’s homepage, selecting “Filings” in the “Search For” dropdown menu, and entering FD 36873 as the docket number.

Selected Filings and Decisions

Notice of Intent to File Application, July 30, 2025.

         Board Decision, August 25, 2025.  This decision directs the Applicants to provide to the Board their 100% traffic tapes for 2019 through 2024.

Board Decision, August 28, 2025.  This decision provides notice that the Board has received a prefiling notification of intent to merge from UP and NS; finds that the proposed transaction is a major merger transaction; and requires the Applicants to file certain additional information in advance of the filing of an application.

Board Decision, September 26, 2025.  This decision invites public written comments on the Board’s proposed procedural schedule.

Past Agency Decisions

Major Rail Consolidation Procedures

Final Rule in Major Rail Consolidation Procedures, EP 582 (Sub-No. 1) (STB served June 11, 2001)

Notice of Proposed Rulemaking in Major Rail Consolidation Procedures, EP 582 (Sub-No. 1) (STB served October 3, 2000)

Advanced Notice of Proposed Rulemaking in Major Rail Consolidation Procedures, EP 582 (Sub-No. 1) (STB served March 31, 2000)

Board Decision in Public Views on Rail Consolidations, EP 582 (STB served March 17, 2000)

Major Merger Decisions 

Board Approval in Canadian Pacific Railway—Control—Kansas City Southern, FD 36500 et al. (STB served March 15, 2023) (under earlier regulations)

Board Approval in Canadian National Railway—Control—Illinois Central Corporation, 4 S.T.B. 122 (1999) (May 21, 1999) (under earlier regulations)

Board Approval in CSX Corporation—Control & Operating Leases/Agreements—Conrail Inc., 3 S.T.B. 196 (1998) (July 20, 1998) (under earlier regulations)

Board Approval in Union Pacific Corporation—Control & Merger—Southern Pacific Rail Corporation, 1 S.T.B. 233 (1996) (August 6, 1996) (under earlier regulations)

ICC Approval in Burlington Northern Inc.—Control & Merger—Santa Fe Pacific Corporation, 10 I.C.C.2d 661 (1995) (August 16, 1995) (under earlier regulations)

Relevant Historical Press Releases

PR 01-24, Surface Transportation Board Issues New Rules Governing Major Railroad Mergers & Consolidations (June 11, 2001)

PR 00-39, Surface Transportation Board Issues Notice of Proposed Rulemaking on New Rules for Major Railroad Mergers (October 3, 2000)

PR 00-19, Surface Transportation Board Seeks Public Comment on Changes to Its Regulations Governing Proposals For Major Rail Consolidations (March 31, 2000)