Grupo México Transportes, S.A. de C.V. (GMXT), the transportation Business unit of Grupo México, S.A.B. de C.V., has completed the acquisition of Florida East Coast Holdings Corp., owner of Florida East Coast Railway.
The cost of the acquisition was US$2.003 billion, with GMXT receiving a loan for US$1.55 billion from BBVA and Credit Suisse, and a US$250 million loan from Santander. The remaining funds were from GMXT's resources and US$97 million in debt at the FEC level.
GMXT obtained the approvals required from all of the regulatory agencies in the United States for the acquisition, including the Committee on Foreign Investment in the United States, the Surface Transportation Board, and the Federal Communications Commission.
The acquisition strengthens GMXT’s position in the North American transport business. The company currently has operations in Mexico and the state of Texas.