US

Grupo Mexico to buy Florida rail line for $2.1 billion

Mexican mining and rail conglomerate Grupo Mexico says it has reached an agreement to buy the Florida East Coast Railway Holdings Corporation for $2.1 billion.

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.