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
By  Bloomberg
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

LPL, Raymond James boost advisor ranks anew
LPL, Raymond James boost advisor ranks anew

LPL Financial welcomes a $345 million investment and planning team from Ameriprise as RayJay's employee advisor arm adds a seasoned Well Fargo breakaway.

CFP Board CEO Keller retiring
CFP Board CEO Keller retiring

The CFP Board will be searching for a replacement for CEO Kevin Keller who will be stepping down in April 2026.

$3000 gold record in sight on Trump 2.0 fears, says Citi
$3000 gold record in sight on Trump 2.0 fears, says Citi

Citi analysts project a historic high in three months as tariff and trade war threats fuel a rush for the haven metal.

Wealth Enhancement, Corient announce new acquisitions
Wealth Enhancement, Corient announce new acquisitions

Wealth Enhancement Group officially kicks off its 2025 deal season in the Pacific Northwest while Corient extends its reach in Pennsylvania

Mercer taps LPL veteran Alisa Maute to lead advisor-client matchmaking
Mercer taps LPL veteran Alisa Maute to lead advisor-client matchmaking

Maute will oversee and expand the dedicated client development platoon that's powered record organic growth at the $69 billion RIA.

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.

SPONSORED Why wealth advisors should care about the future of federal tax policy

Blue Vault features expert strategies to harness for maximum client advantage.