By Lisa Kerner
Charlotte, N.C., Feb. 14 - Fortress Investment Group LLC completed the merger of certain private equity funds managed by its affiliates with RailAmerica, Inc. on Wednesday.
"This was clearly the right opportunity for RailAmerica to maximize shareholder value while preserving our heritage," RailAmerican chief executive officer Charles Swinburn said in a company news release.
Under the agreement, RailAmerica shareholders will receive $16.35 in cash for each share of RailAmerica common stock held and RailAmerica will be delisted from the New York Stock Exchange.
RailAmerica is a short-line and regional rail service provider based in Boca Raton, Fla.
Fortress is a New York alternative asset manager.
| Acquirer: | Fortress Invesment Group LLC
|
| Target: | RailAmerica, Inc.
|
| Price per share: | $16.35
|
| Announcement date: | November
|
| Closing: | Feb. 14
|
| Stock price for target: | NYSE: RRA; $16.34 on Feb. 14
|
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