Logistics infrastructure developer FTAI Infrastructure said on Wednesday it had agreed to buy The Wheeling Corporation for $1.05 billion to expand its freight rail platform.
New York-based FTAI Infrastructure will purchase The Wheeling from an entity controlled by the latter’s chief executive officer, Larry Parsons.
The logistics company also said it plans to refinance its existing 10.50% senior notes and Series A preferred stock, with the closing of the transaction, and has received $2.25 billion of total capital commitments.
FTAI Infrastructure acquires, develops and operates assets and businesses for infrastructure, catering to the transportation, energy and industrial products end-markets.
Its acquisition of The Wheeling Corporation, which owns railroad operator Wheeling & Lake Erie Railway Company, is expected to be completed in the third quarter of 2025.
Source: Reuters.com