Acquisition of Florida East Coast Industries is complete

By Lisa Kerner

Charlotte, N.C., July 26 - Affiliates of Fortress Investment Group LLC completed the $3.5 billion acquisition of Florida East Coast Industries, Inc. The companies entered a definitive merger agreement on May 8.

Florida East Coast shareholders approved the merger at a special meeting on July 24. Under the agreement, shareholders are entitled to receive $62.50 per share in cash.

Shareholders of the Jacksonville, Fla., real estate company also received a one-time special cash dividend of $21.50 per share on all issued and outstanding common stock, a company news release stated.

Trading of Florida East Coast shares will be suspended from trading on the New York Stock Exchange before the market opens on Friday.

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