Canadian Pacific Kansas City Acquires Kansas City Southern in $31 Billion Deal

Canadian National Railway (CN) and Kansas City Southern (KCS) Pursue STB-Approved Voting Trust for Proposed Combination

July 7, 2021

Transportation

CN and Kansas City Southern (KCS) submitted arguments to the Surface Transportation Board (STB) supporting approval of a “plain vanilla” voting trust, which is described as an essential step toward the STB’s full review of their proposed end-to-end combination. The companies emphasize that the voting trust prevents premature control of KCS while preserving KCS independence and financial health during review, alongside pro-competitive commitments such as divestiture of a specific 70-mile overlap and an “open gateways” framework.

Union Pacific to Acquire Norfolk Southern in $85 Billion Transcontinental Railroad Merger

August 18, 2025

Transportation

Union Pacific Corporation and Norfolk Southern Corporation announced a definitive agreement to merge, creating a coast-to-coast “transcontinental railroad” network spanning over 50,000 route miles across 43 states. Under the deal terms, Norfolk Southern shareholders will receive 1 Union Pacific share and $88.82 in cash for each share of Norfolk Southern, valuing Norfolk Southern at an enterprise value of about $85 billion and targeting about $2.75 billion in annualized synergies.

CSX Corporation Acquires Pan Am Railways

April 14, 2022

Transportation

CSX Corporation (CSX) received approval from the Surface Transportation Board and completed its acquisition of Pan Am Railways, expanding CSX's network into New England. The deal brings Pan Am's ~1,200-mile regional rail network and access to multiple ports into CSX's eastern U.S. system to create expanded service opportunities for shippers across the region.

Union Pacific and Norfolk Southern UP-NS Merger Application Filing (STB Review)

December 19, 2025

Transportation

Union Pacific (UP) and Norfolk Southern (NS) filed a merger application with the Surface Transportation Board (STB) for regulatory review. Canadian Pacific Kansas City (CPKC) stated it is reviewing the filing and will assess compliance with major merger rules and whether the proposal is consistent with the public interest, noting approval is not inevitable.

Southern Missouri Bancorp Acquires Citizens Bancshares for $140M

September 20, 2022

Financial Services

Southern Missouri Bancorp Inc., the parent of Southern Bank, agreed to acquire Kansas City–based Citizens Bancshares Co. in a stock-and-cash transaction valued at approximately $140 million. The deal, unanimously approved by both boards, gives Citizens shareholders a choice of shares or $53.50 cash per share, will add 14 branches in Missouri and is expected to be accretive to Southern Missouri Bancorp's EPS over the following fiscal years, subject to customary approvals.

Sempra Divests 45% of Sempra Infrastructure Partners to KKR and CPP Investments for $10 Billion

September 24, 2025

Infrastructure

Sempra has agreed to sell a 45% equity stake in Sempra Infrastructure Partners to affiliates of KKR alongside CPP Investments, valuing the platform at an implied $22.2 billion equity value and $31.7 billion enterprise value. The deal is expected to close in the second or third quarter of 2026, subject to regulatory approvals, with proceeds paid in a phased schedule totaling $10 billion.