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GMexico Transportes S.A. de C.V. (GMXT), the transportation business unit of Grupo Mexico, will acquire Florida East Coast Railway Holdings Corp. (FEC) in an all-cash transaction under an agreement announced today.Subject to closing conditions and government approvals, the FEC acquisition will establish GMXT as an "important railroad owner" in the United States, according to a press release issued by both companies.GMXT operates more than 6,200 miles of track covering major industrial and commercial zones in Mexico. It connects to international transportation networks through eight seaports and six border crossings, handling more than 1.4 million loads per year."The acquisition of FEC is an important strategic addition to our North American transportation service offering," said GMXT President and Chief Executive Officer Alfredo Casar. "Our acquisition of the FEC will significantly enhance the scope, scale and diversification of our service. We are excited to welcome FEC to our transportation team as we work together to provide safe, reliable and efficient rail and trucking services to our customers."FEC is owned by funds managed by affiliates of Fortress Investment Group LLC. Based in Jacksonville, Fla., Florida East Coast Railway provides rail service along Florida's east coast and is the exclusive provider of rail service to the ports of Miami, Everglades and Palm Beach. FEC provides service across 351 miles of owned track and connects with CSX and Norfolk Southern Railway in Jacksonville."The FEC team looks forward to working with GMXT to grow our business, execute our key strategic initiatives and take advantage of new opportunities," said FEC President and CEO Jim Hertwig.
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