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Grupo Mexico to buy Florida rail line for $2.1 billion

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MEXICO CITY (AP) – Mexican mining and rail conglomerate Grupo Mexico says it has reached an agreement to buy Brightline parent Florida East Coast Railway Holdings Corporation for $2.1 billion from Fortress Investment Group.

The sale will not affect Brightline, the Miami-to-Orlando passenger train slated to begin service this summer, according to the South Florida Business Journal.

The line serves Miami and Palm Beach, and as its name suggest, it runs up Florida’s east coast.

Grupo Mexico Transportes said Tuesday it will acquire 100 percent of the company’s shares and assume its debt, pending approval of the deal by regulatory authorities.

The transaction will be financed by $350 million in Grupo Mexico funds and $1.75 billion in debt.

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