Aug 6 (Reuters) - Logistics infrastructure developer

FTAI Infrastructure ( FIP ) said on Wednesday it had agreed to

buy The Wheeling Corporation for $1.05 billion to expand its

freight rail platform.

New York-based FTAI Infrastructure ( FIP ) will purchase The

Wheeling from an entity controlled by the latter's chief

executive officer, Larry Parsons.

The logistics company also said it plans to refinance its

existing 10.50% senior notes and Series A preferred stock, with

the closing of the transaction, and has received $2.25 billion

of total capital commitments.

FTAI Infrastructure ( FIP ) acquires, develops and operates assets

and businesses for infrastructure, catering to the

transportation, energy and industrial products end-markets.

Its acquisition of The Wheeling Corporation, which owns

railroad operator Wheeling & Lake Erie Railway Company, is

expected to be completed in the third quarter of 2025.