Florida East Coast Railway Holdings Corp. will be acquired by GMéxico Transportes S.A. de C.V. in an all cash transaction.
Florida East Coast Railway Holdings Corp. (FEC) will be acquired by GMéxico Transportes S.A. de C.V. (“GMXT”), the transportation business unit of Grupo México, in an all cash transaction.
FEC said Tuesday the acquisition is expected to close subject to satisfaction of closing conditions, including the receipt of applicable government approvals.
Jacksonville, Fla.-based FEC is owned by funds managed by affiliates of Fortress Investment Group LLC. FEC has 351 miles of owned track between Miami and Jacksonville, where it interchanges with the Norfolk Southern and CSX railroads.
GMXT operates over 6,200 miles of track covering major industrial and commercial zones in Mexico. The company connects to international transportation networks through eight seaports and six border crossings, handling more than 1.4 million loads per year.
BBVA Bancomer, S.A. and Credit Suisse served as financial advisors to GMXT, while Dechert and Galicia served as legal advisors.
Meanwhile, Barclays and Morgan Stanley & Co. LLC served as financial advisors to FEC, while Cravath, Swaine & Moore, along with Sidley Austin served as legal advisors.
NEWS FLASH: GMXT to buy FEC Railway
