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.
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.
Learn more about reprints and licensing for this article.
