FTAI Infrastructure to Acquire Wheeling & Lake Erie Railway for $1.05 Billion

FTAI Infrastructure Inc. will acquire The Wheeling Corporation, parent company of the Wheeling & Lake Erie Railway (W&LE), for $1.05 billion. The transaction is expected to close into a voting trust in the third quarter of 2025, pending customary conditions and approval from the U.S. Surface Transportation Board.

W&LE operates more than 1,000 miles of track in Ohio, Pennsylvania, West Virginia, and Maryland, serving over 250 customers and interchanging with three Class I railroads and 16 regional and short line operators. The Class II carrier hauls steel, aggregates, chemicals, industrial minerals, grain, lumber, paper, and petroleum products.

FTAI, which also owns terminal and short line operator Transtar, said the acquisition will expand its freight rail network, diversify operations, and improve efficiency. The company projects the combined Transtar–W&LE business will generate about $200 million in annual adjusted EBITDA by the end of 2026.

Barclays and Deutsche Bank provided debt commitments and served as financial advisors to FTAI. Sidley Austin LLP and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisors to FTAI, while Calfee, Halter & Griswold LLP and Fletcher & Sippel LLC served as legal advisors to W&LE.