DivestmentApr 30, 2026, 07:42 AM
FIP to Sell Long Ridge Energy & Power for ~$1.52B
AI Summary
FTAI Infrastructure Inc. announced an agreement to sell its indirect wholly-owned subsidiary, Long Ridge Energy & Power LLC, to MARA USA Corporation, a subsidiary of MARA Holdings, Inc., for approximately $1.52 billion. The transaction includes a $20 million escrow for post-closing adjustments and is expected to close in Q3 2026, subject to regulatory approvals. FIP plans to use the net proceeds to eliminate $1.16 billion of Long Ridge debt and repay approximately $300 million of its corporate debt, while also reinvesting in growth opportunities within its freight rail and terminals segments.
Key Highlights
- FTAI Infrastructure Inc. (FIP) to sell Long Ridge Energy & Power LLC to MARA Holdings, Inc.
- Transaction valued at approximately $1.52 billion before closing adjustments.
- $20 million to be deposited into an escrow account for post-closing adjustments.
- Expected to eliminate $1.16 billion of Long Ridge debt.
- FIP plans to repay approximately $300 million of parent-level corporate debt.
- Transaction expected to close in the third quarter of 2026.
- Long Ridge includes a 485-megawatt combined cycle gas power plant and 1,600 acres.
- Buyer Parent secured a $785 million debt commitment letter for financing.
Price Impact
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