FTAI Infrastructure will acquire The Wheeling Corporation, owner of W&LE Railway, for $1.05bn in cash. The railway operates as a Class II regional freight railroad with over 1,000 miles of track in four states. FTAI plans to refinance debt and issue new capital to fund the acquisition.

FTAI has secured commitments for $2.25bn in total capital, including new debt and preferred stock. The company aims to combine Transtar and W&LE operations for growth. CEO Ken Nicholson sees potential for revenue and EBITDA growth through operational efficiencies and scale.

The transaction is set to close in the third quarter, subject to regulatory approval. FTAI will assume control of W&LE once approved. Financial advisory services were provided by Barclays and Deutsche Bank, with legal counsel from Sidley Austin, Skadden, Arps, Calfee, Halter & Griswold, and Fletcher & Sippel.

Read more at Yahoo Finance: FTAI Infrastructure to buy Wheeling & Lake Erie Railway for $1.05bn