FEC shareholders approve acquisition
Florida East Coast Industries shareholders Tuesday approved the $2.2 billion purchase of the railroad and real estate development company by a company formed by the Fortress Investment Group.
FECI shareholders are entitled to $62.50 per share in cash, pending the completion of closing conditions in the merger agreement.
The Florida East Coast Railway operates a 450-mile rail line between Jacksonville and Miami, a key intermodal link for ports along the Atlantic Coast. Existing management of FECI is expected to remain in place after the close of the deal.