India, Aug. 6 -- FTAI Infrastructure (FIP) has agreed to purchase The Wheeling Corporation, owner of the Wheeling & Lake Erie Railway Company, for cash consideration of $1.05 billion from an entity controlled by Larry Parsons, the CEO of The Wheeling Corporation. The W&LE is a Class II regional freight railroad serving more than 250 customers along over 1,000 miles of track in the states of Ohio, Pennsylvania, West Virginia, and Maryland.
"We expect our combined freight rail segment to generate approximately $200 million of annual adjusted EBITDA by the end of 2026," said Ken Nicholson, CEO of FIP.
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