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Fortress completes RailAmerica buy


Published : Thu, 15 Feb 2007 01:35
By : Agencies
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BOCA RATON, Fla. (AP) - Hedge fund manager Fortress Investment Group LLC said Wednesday it completed its purchase of short line railroad operator RailAmerica Inc. for about $639.3 million in cash, or $16.35 per share.

Including the debt, the purchase price is $1.1 billion.

'We are excited about moving forward in our partnership with RailAmerica and working closely with the RailAmerica team to continue to grow the company,' Wesley R. Edens, Fortress Investment Group's chief executive officer, said in a statement.

The takeover was announced in November.

Shares of Fortress rose 54 cents to close at $29.44, while RailAmerica shares remained unchanged to close at $16.34, both on the New York Stock Exchange.

Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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