RTTNews | Jun 21, 2021 12:19PM EDT

12:19 Monday, June 21, 2021 (RTTNews.com) - Fortress Transportation and Infrastructure Investors LLC (FTAI) are up 4% in the market following the news that the company is acquiring Transtar, LLC for $640 million. The deal is expected to be closed in the third quarter of the financial year.

Transtar has six freight railroads which are at work in USS's largest facilities. The companies have agreed on a partnership where FTAI will provide the USS facilities with railroad service for the next fifteen years.

"FTAI is extremely excited to enter into this strategic rail partnership with USS as it allows us to significantly increase our rail business by providing essential rail services to one of the preeminent integrated steel producers in North America under a long-term contractual arrangement," said Joe Adams, the CEO and chairman of FTAI.

The shares are currently trading at $34.46 up $1.27 or 3.83% from their previous close at $33.19. The company opened trading at $33.19 and in the 52-week period, the shares have traded between $10.75 and $34.68.

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