FTAI Infrastructure Inc. to Acquire Wheeling & Lake Erie Railway Company for $1.05 Billion

FTAI Infrastructure Inc. has agreed to purchase the Wheeling & Lake Erie Railway Company for $1.05 billion in cash. The acquisition will add over 1,000 miles of track in Ohio, Pennsylvania, West Virginia, and Maryland to FTAI's portfolio. The combined company is expected to generate $200 million in annual Adjusted EBITDA by 2026. The transaction is subject to customary closing conditions and approval from the U.S. Surface Transportation Board.

FTAI Infrastructure Inc. (NASDAQ:FIP) has announced its agreement to acquire The Wheeling Corporation, owner of the Wheeling & Lake Erie Railway Company (W&LE), for $1.05 billion in cash. The acquisition will add over 1,000 miles of track in Ohio, Pennsylvania, West Virginia, and Maryland to FTAI's portfolio, expanding its freight rail network significantly [1].

The transaction, which is subject to customary closing conditions and approval from the U.S. Surface Transportation Board, is expected to close in the third quarter of 2025. Upon receipt of approval, the W&LE will become an affiliate of Transtar, a subsidiary of FTAI. The combined company is projected to generate approximately $200 million in annual Adjusted EBITDA by the end of 2026, driven by identified growth opportunities and operating efficiencies [1].

Larry Parsons, CEO of The Wheeling Corporation, has been at the helm of W&LE for over 30 years, transforming it from a coal-dependent line into a modern, customer-focused regional railroad. Parsons chose FTAI Infrastructure Inc. and Transtar as the long-term partner to carry forward this legacy [1].

Simultaneously with the acquisition, FTAI plans to refinance its existing 10.50% senior notes and Series A preferred stock. The company has received commitments for $2.25 billion of total capital, including $1.25 billion of new debt and $1 billion of preferred stock to be purchased by Ares Management funds [1].

FTAI management will discuss additional details regarding the transaction and related financing on a scheduled second quarter earnings call at 8:00am on Friday, August 8. Investors are encouraged to refer to the presentation posted on FTAI's website and the company's recent Form 8-K for further information [1].

References:
[1] https://www.globenewswire.com/news-release/2025/08/06/3128312/0/en/FTAI-Infrastructure-Inc-Announces-Agreement-to-Acquire-the-Wheeling-Lake-Erie-Railway-Company.html