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🚂 Railroads share projected merger effects

📆 The week that was

The reading line

Chart of the week

Union Pacific and Norfolk Southern's projections for downstream deals, job cuts and transfers, as well as new service commitments, were among 400+ pages of disclosures filed with federal regulators this week.

There was too much to jam into one story, so we put together a special edition newsletter highlighting key takeaways:

The railroads acknowledged that approval of their proposed merger could prompt downstream deals.

It might result in a U.S. freight rail duopoly, they said, but they don't view that as negative to the public interest.

2. They project 1,138 workforce reductions and 546 transfers from the deal, they disclosed in a separate filing.

Union Pacific employed more than 29,000 workers and Norfolk Southern had more than 19,000 as of the end of 2025.

Zoom in: Union Pacific job cuts are based on attrition assumptions and were factored into Norfolk Southern considerations, the railroads said.

The railroads say they expect to create 1,200 net new union jobs by the third year of integration.

3. Union Pacific and Norfolk Southern added sweeteners to their merger proposal in a filing Monday with the Surface Transportation Board.

The additional commitments include service agreements, customer- and service-level protections, and benefits for bulk shippers.

1 big thing: 🚂 Railroads share projected merger effects

Illustration of a child guiding a green toy train with dollar sign wheels off the edge of a table

EQT Real Estate agreed to acquire 14 properties in the U.K., Germany and France from Logicor for €532m. Go deeper 

Freehand, a San Francisco-based startup that automates supplier payments, was valued at about $300m post-money on its $75m seed, per a source familiar with the deal. Go deeper

Freight Hero, a Durham, N.C.-based startup automating brokers' back-office operations, was valued at more than $22m on its $5m fundraise, per two sources familiar with the deal. Go deeper

Terminal, a Toronto-based commercial fleet telematics data startup, raised $20 million in Series A funding, CEO Raghav Midha tells Axios Pro. Go deeper

Unit AI, a warehouse automation startup, raised a $12m seed, co-founders Guy Glass and Avihou Barkay tell Axios Pro exclusively. Go deeper

Stonepeak and CMA CGM completed the formation of a shipping joint venture called United Ports, which included Stonepeak investing $2.4b for a 25% stake. Go deeper

Balance Point Capital Advisors and Inverness Graham Investments recapitalized ShipSigma, an Indianapolis-based supply chain optimization company. Go deeper

GrubMarket, an SF-based food supply chain startup, filed confidential IPO papers, per Bloomberg. It's raised $665m in VC funding, most recently at a $4.5b valuation. Go deeper

NPD Logistics, a logistics and supply chain solutions provider, acquired Urban Direct, an NYC-based overnight shipping company. Go deeper

Private equity GPs are digging into AI infrastructure, an EY report finds. Go deeper

2. 📆 The week that was

Illustration of a beach chair made out of a calendar.

🚢 Nvidia plans new shipbuilding investment with Kawasaki (FreightWaves)

🚛 LTL carriers waiting for U.S. freight demand to catch up with expectations (Journal of Commerce)

🇨🇳 Scoop: Nvidia's Jensen Huang meets Lutnick amid China scrutiny (Axios)

 Apple disappoints with forecast dogged by supply chain struggles (Reuters)

🥡 DoorDash takes to the sky with its own drones (WSJ).

3. The reading line

Illustration of Benjamin Franklin wearing a fedora with a "PRESS" card in the hat's band. 

Unleaded gas prices capture more consumer attention, but diesel price spikes hit long-haul truckers and inflate costs of groceries, medications and other goods — even school budgets.

Diesel jumped 43% in July, compared to a 31% increase in gas.

Fuel is another factor that can complicate trucking M&A as carrier valuations rebound alongside freight rates.

4. Chart of the week

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August 01, 2026

1 big thing: 🚂 Railroads share projected merger effects