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Grupo Mexico Inks $2.1B Deal for Ownership of Florida Railroad

Mexican miner and railway owner Grupo Mexico struck a deal to pay $2.1 billion for the 565-mile Florida East Coast Railway (FECR). The buyer has announced its intention to manage foreign assets, after dominating Mexico’s railway freight sector. Grupo Mexico owns 74% of Ferromex, Mexico’s largest railway, by mileage.

The announced transaction comes amid President Donald Trump’s threats to renegotiate the North American Free Trade Agreement (NAFTA). Over the years, NAFTA has allowed rail freight operators to shuttle a variety of products, from car parts to beer, across regional borders.

The contract between Grupo Mexico and Jacksonville, FL-headquartered FECR gives the former a toehold on Florida’s east coast. FECR, which was taken private by Fortress for $3.5 billion in 2007, also operates All Aboard Florida, a parent of Brightline, which is a high-speed passenger rail operation that will begin service in summer 2017.

Read More at Reuters

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About Mark El-Rayes

Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.

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