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WTDC Attends 2017 IAADFS Duty Free Show of the Americas
Florida East Coast Railway to be acquired by Grupo Mexico
Big news for the transportation industry, Florida East Coast Railway (FEC), Jacksonville based railroad, is to be acquired by Grupo Mexico Transportes S.A de C.V. (GMXT).
Below is an excerpt from article published by Jeff Berman in ‘Logistics Management’ Magazine on March 28th:
"Earlier today, the Florida East Coast Railway (FEC) and GMéxico Transportes S.A. de C.V.(GMXT), the transportation unit of Mexico City, Mexico-based miner Grupo Mexico, announced that they have entered into an agreement in which GMXT will acquire FEC in an all-cash transaction, which is expected to close subject to satisfaction of closing conditions.
Various reports said the sale price was $2.1 billion, with Reuters reporting that Grupo Mexico financed the purchase from FEC owner Fortress Investment Group with $1.75 billion in debt and $350 million in capital, based on a company statement for the Mexican stock exchange.”