RailAmerica sold to Fortress Investment Group

[~Z~]

Full story: http://rawstory.com/news/2006/RailAmeri ... 52006.html

Washington- RailAmerica, Inc, which operates 12,500 kilometres of railways in the US and Canada, has accepted an offer of 1.1 billion dollars from Fortress Investment Group, the two companies said Wednesday The price contains a 32 per cent premium for RailAmerica stockholders over the closing price of shares on Tuesday, and a 49 per cent premium over the average closing price for the last 60 trading days, RailAmerica said in the statement on its website.

The purchase price includes refinancing existing debt, and has been approved by RailAmerica's board of directors.

RailAmerica, Inc, operates 42 short line and regional railroads in the US and Canada.

"Fortress is excited to have the opportunity to invest in the North American rail industry," said Wesley Edens, CEO of Fortress, in the joint statement. "RailAmerica has assembled a well diversified portfolio of shortline railroads throughout North America."

The New York-based Fortress Investment Group has about 26 billion dollars in assets, with affiliate offices in Dallas, Texas, San Diego, California, Toronto, London, Rome, Frankfurt and Sydney.

[CAT345C]

who knows the stock symbols? for Rail America and Fortress Investment Group, cause I cannot find them.

[trainjunkie47]

Fortress Investment Group is a private company whose world headquarters is in London. Their US headquarters are in New York City and listed as Fortress investment Group LLC, a Deleware Limited Liability Company. Fortress has a web site, but it is currently under construction. RailAmerica is hardly the only thing this group is dabbling in.

RailAmerica is listed on the New York Stock Exchange under the symbol RRA. Their web site is www.railamerica.com.

[GreatLakesRailfan]

RailAmerica = RRA...saw the news story earlier and snapped up some more shares in the game...should be something of an investment anyway...