09:41 AM EDT, 08/06/2025 (MT Newswires) -- FTAI Infrastructure ( FIP ) said Wednesday it agreed to acquire The Wheeling Corporation from an entity controlled by Wheeling Chief Executive Larry Parsons for $1.05 billion in cash.

The Wheeling owns the Wheeling & Lake Erie Railway company, which is a regional freight railroad that operates in Ohio, Pennsylvania, West Virginia, and Maryland, the company said.

The company said that when the deal closes it plans to refinance its existing 10.50% senior notes and series A preferred stock. It also said it has received commitments for $2.25 billion of total capital, including $1.25 billion of new debt to be issued, and $1 billion of preferred stock to be purchased by private equity firm Ares Management ( ARES ) .

Shares of FTAI Infrastructure ( FIP ) were up 3% in recent early trading.

Price: 7.40, Change: +0.22, Percent Change: +2.99