Fortress buys real estate developer

Fortress Investment Group LLC has announced that it will buy Florida East Coast Industries Inc. in a deal valuing the Jacksonville, Fla.-based real estate developer at $3.5 billion.
MAY 09, 2007
Fortress Investment Group LLC has announced that it will buy Florida East Coast Industries Inc. in a deal valuing the Jacksonville, Fla.-based real estate developer at $3.5 billion. The New York-based private equity company agreed to pay $62.50 along with a cash dividend of $21.50 for each share of stock. The combined dividend and merger consideration will equal $84 per share and represent a 13.3% premium to the NYSE closing price of $74.13 on May 7. Upon completion of the transaction, FECI will become a privately held company, and its common stock will no longer be publicly traded. New York-based Morgan Stanley acted as financial adviser to FECI and New York-based Skadden, Arps, Slate, Meagher & Flom LLP acted as legal adviser to Fortress.

Latest News

How AI search aided scam from phony NFL player, fake financial advisor
How AI search aided scam from phony NFL player, fake financial advisor

Daejon Love and Taylor Chan's $1.3 million romance fraud scheme exposes how AI search engines can be manipulated by fabricated online identities

Schwab ordered to pay clients $1.34 million in crypto dispute involving elderly client
Schwab ordered to pay clients $1.34 million in crypto dispute involving elderly client

“It was a third party scam,” said the attorney representing the claimants.

RIA moves: Mercer adds to Atlanta presence with veteran advisor from Northern Trust
RIA moves: Mercer adds to Atlanta presence with veteran advisor from Northern Trust

Meanwhile, &Partners draws another Commonwealth practice, and Wealthcare welcomes a $550 million planning practice in the Northeast.

CogniCor adds wealthtech veterans to board in renewed RIA push
CogniCor adds wealthtech veterans to board in renewed RIA push

Palo Alto AI platform recruits RIA and fintech leaders as industry data show AI adoption reshaping advisor staffing.

Advisor moves: Merrill draws $1.2 billion UBS team in New Mexico
Advisor moves: Merrill draws $1.2 billion UBS team in New Mexico

Meanwhile, Raymond James, Wedbush, and LPL recruited veteran advisors from across Texas, North Carolina, and California.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income