Florida East Coast Railway to sell to Mexican mining group for $2.1 billion

[thelakelander]

A Mexican mining group and transportation company has agreed to purchase the Jacksonville-based Florida East Coast Railway, it was announced Tuesday. Grupo Mexico said it was buying the railway for $2.1 billion cash.

Grupo Mexico currently moves 1.4 million loads a year on its network of more than 6,200 miles of track in Mexico. The company is also the largest mining operation in Mexico and the fourth largest copper producer in the world.

Full article: http://jacksonville.com/business/2017-03-28/florida-east-coast-railway-sell-mexican-mining-group-21-billion

[spuwho]

That was the last piece they needed to sell to raise cash for the Cocoa to Orlando segement for AAF.

Let the work begin.

[spuwho]

Per Trains:

All Aboard Florida remains with Fortress after FEC sale

http://trn.trains.com/news/news-wire/2017/03/28-all-aboard-florida-remains-with-fortress-after-fec-sale



MIAMI – All Aboard Florida confirms Tuesday that its proposed Brightline passenger rail service slated to use Florida East Coast Railway tracks from downtown Miami to West Palm Beach and eventually Orlando International Airport will not be affected by Fortress Investment Group's sale of the railroad to Grupo México.

Fortress still owns All Aboard Florida's parent company, Florida East Coast Industries, which also controls South Florida real estate properties that are part of the development package establishing future revenue streams.

"The sale of the Florida East Coast Railway does not impact Brightline," All Aboard Florida spokeswoman AnneMarie Mathews tells Trains News Wire. "Brightline is a separate company that has dual ownership of the corridor and the right to operate passenger service. We have all shared operations-related agreements in place with the Florida East Coast Railway for us to fully build out and implement our passenger rail system."

On Tuesday, the railroad confirmed its acquisition by Grupo México, which also owns Ferromex.

[acme54321]

Interesting.  So they each have partial ownership of the mainline infrastructure?