Apr. 30 at 1:21 PM
$MARA $FIP
FTAI Infrastructure to sell Long Ridge to Mara Holdings for
$1.5B
FTAI Infrastructure (FIP) announced that it has entered into a definitive agreement to sell Long Ridge Energy & Power LLC and certain related assets to a subsidiary of MARA Holdings (MARA) with the transaction valued at approximately
$1.52B before closing adjustments. "The sale of Long Ridge is a key step in our strategic plan at FIP, unlocking value to our shareholders and deleveraging our company," said Ken Nicholson, CEO of FIP. "Long Ridge has grown from a brownfield development project we commenced nearly a decade ago into an exceptional operating platform.
As a result of the sale, we will immediately eliminate
$1.16 billion of Long Ridge debt and expect to use the net proceeds to repay approximately
$300 million of debt at our parent level. By reducing leverage and increasing free cash flow going forward, we plan to advance our strategic priorities in our existing freight rail and terminals segments. We look forward to updating investors with additional details regarding the transaction during our first quarter earnings call on May 8."
