The Surface Transportation Board has approved Fortress Investment Group’s acquisition of the Wheeling & Lake Erie Railway and Akron Barberton Cluster Railway, effective Dec. 26. The acquisition will add to Fortress’s existing portfolio of Class III railroads and has received support from one customer with no opposition filings.

The Wheeling & Lake Erie operates 982 miles in Ohio, Pennsylvania, West Virginia, and Maryland, while the Akron Barberton Cluster Railway operates 84 miles in the Akron, Ohio area. Both properties were previously owned by The Wheeling Corp.

The board granted Fortress an exemption from prior-approval requirements, citing enhanced access to capital for strategic investments and growth opportunities. The acquisition is expected to have no significant impacts on competition. The full decision is available for review.

Fortress Investment Group, the acquiring entity, also has a substantial investment in passenger rail operator Brightline. Subscribe to FreightWaves’ Rail e-newsletter for the latest insights on rail freight trends and news updates.

Read more at Yahoo Finance: Fortress buy of Wheeling & Lake Erie approved