FIP to acquire Wheeling & Lake Erie Railway for $1.05B cash; combine with Transtar rail platform

FTAI Infrastructure Inc.

Acquisition price $1.05B cash; expected to close into voting trust in Q3 2025 pending STB approval.
Financing: $1.25B new debt and $1B preferred equity from Ares Management funds to fund purchase and refinance existing 10.50% notes and Series A preferred.
Combined freight rail segment (Transtar + W&LE) targeted to generate ~$200M annual Adjusted EBITDA by end of 2026.
W&LE is Class II railroad with 1,000+ miles serving 250+ customers in OH, PA, WV, MD.
Company plans to discuss transaction on Q2 earnings call scheduled Aug 8, 2025.

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