FTAI Infrastructure Inc. Expands U.S. Rail Footprint with Acquisition of Wheeling & Lake Erie Railway

FTAI Infrastructure Inc. has officially secured approval to acquire the Wheeling & Lake Erie Railway Company (W&LE), a move set to take effect on December 26, 2025. This acquisition marks a significant step in FTAI’s strategy to expand its presence in the U.S. freight‑rail market, consolidating regional rail operations under a single management structure. The transaction, which received regulatory clearance from the U.S. Surface Transportation Board, allows FTAI to integrate W&LE’s network into its existing rail assets, thereby enhancing operational efficiency and broadening its geographic footprint. W&LE, a Class II railroad operating primarily in Ohio, Pennsylvania, West Virginia, and Maryland, manages a network of approximately 840 miles of track and serves a diverse customer base spanning the steel, aggregates, chemicals, grain, and lumber sectors. By bringing W&LE into its portfolio, FTAI positions itself to capitalize on regional freight demand while building a platform for long‑term growth in North America’s freight‑rail industry.

The acquisition is not only a strategic expansion but also a reflection of broader consolidation trends within the U.S. freight‑rail sector. Regional and shortline railroads like W&LE often operate in fragmented markets where scale and operational integration are key to profitability. Under FTAI’s ownership, W&LE is expected to benefit from increased investment, access to capital, and potential synergies with FTAI’s other infrastructure assets, including its affiliate Transtar, which operates several industrial railroads. Analysts note that combining operations could generate improved operational efficiencies, more predictable service offerings for shippers, and a stronger competitive position relative to other regional and Class I railroads. For the freight customers along W&LE’s corridors, the acquisition may also mean more reliable service and expanded connectivity, particularly as FTAI seeks to leverage W&LE’s access to key industrial and energy hubs in the eastern U.S.

From a financial perspective, FTAI Infrastructure remains a mid‑sized but asset‑heavy player in the infrastructure space, with total assets estimated at roughly USD 2.4 billion and annual revenues in the range of USD 330 million. The acquisition of W&LE is projected to add significantly to FTAI’s operational scale, potentially contributing to an adjusted EBITDA of approximately USD 200 million annually by the end of 2026. While FTAI’s market capitalization of around USD 460–515 million places it in the small‑cap category, its diversified portfolio — spanning rail, terminals, and energy infrastructure — provides strategic flexibility and resilience against market volatility. The consolidation of W&LE under FTAI’s control exemplifies the company’s approach to growing through selective, high-value acquisitions and underscores its ambition to become a leading platform in the U.S. freight‑rail sector. As the integration process begins later this month, industry observers will be closely watching how FTAI leverages this acquisition to enhance its operational footprint, service offerings, and overall market influence in the eastern United States.