MARA Holdings plans to acquire Long Ridge for $1.52 billion, with proceeds aimed at debt repayment and growth investments.
Quiver AI Summary
FTAI Infrastructure Inc. (FIP) announced a definitive agreement to sell Long Ridge Energy & Power LLC to a subsidiary of MARA Holdings, Inc. for approximately $1.52 billion, expected to close in the third quarter of 2026, pending regulatory approvals. Long Ridge, based in Pittsburgh, operates a 485-megawatt gas power plant and holds interests in natural gas production. FIP plans to utilize the proceeds to repay corporate debt and reinvest in growth opportunities, specifically aiming to eliminate $1.16 billion of Long Ridge debt and reduce its own debt by around $300 million. This sale aligns with FIP's strategic goals to enhance shareholder value and strengthen financial stability, with further updates anticipated in their upcoming earnings call on May 8. Jefferies and Lazard are advising FIP on the transaction, with Skadden, Arps providing legal counsel.
Potential Positives
- Transaction valued at approximately $1.52 billion, indicating strong market interest and valuation of Long Ridge.
- Elimination of $1.16 billion in debt from Long Ridge, significantly reducing overall leverage for the company.
- Proceeds from the transaction will be used to repay approximately $300 million of corporate debt and reinvest in growth opportunities, improving the company’s financial position and expansion potential.
- Transaction aligns with the company's strategic plan to unlock shareholder value and focus on core segments, indicating a proactive approach to business management.
Potential Negatives
- Transaction valued at approximately $1.52 billion raises concerns over dependency on regulatory approvals, which may delay or complicate the deal.
- Potential risks associated with the completion of the sale, including litigation or regulatory actions that could arise during the process.
- Future business uncertainty may impact the company's ability to pursue other strategic opportunities during the transaction's pendency.
FAQ
What is the value of the MARA acquisition of Long Ridge?
The transaction is valued at approximately $1.52 billion before closing adjustments.
When is the expected closing date for the transaction?
The transaction is expected to close in the third quarter of 2026, pending regulatory approvals.
What will FIP do with the proceeds from the sale?
FIP plans to repay corporate debt and reinvest in new growth opportunities with the net proceeds.
Who are the financial advisors for this transaction?
Jefferies and Lazard are serving as financial advisors for FIP in this transaction.
What is FTAI Infrastructure Inc. focused on?
FTAI Infrastructure Inc. primarily invests in critical infrastructure across rail, ports, terminals, and power sectors.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$FIP Hedge Fund Activity
We have seen 78 institutional investors add shares of $FIP stock to their portfolio, and 85 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- WELLINGTON MANAGEMENT GROUP LLP added 4,875,802 shares (+73.5%) to their portfolio in Q4 2025, for an estimated $22,477,447
- SHAY CAPITAL LLC removed 3,930,440 shares (-77.4%) from their portfolio in Q4 2025, for an estimated $18,119,328
- LUXOR CAPITAL GROUP, LP removed 3,882,946 shares (-82.3%) from their portfolio in Q4 2025, for an estimated $17,900,381
- ALLIANCEBERNSTEIN L.P. added 2,273,094 shares (+56.7%) to their portfolio in Q4 2025, for an estimated $10,478,963
- ARES MANAGEMENT LLC added 1,197,554 shares (+inf%) to their portfolio in Q4 2025, for an estimated $5,520,723
- OCCAM CREST MANAGEMENT LP removed 1,110,000 shares (-78.2%) from their portfolio in Q4 2025, for an estimated $5,117,100
- UBS AM, A DISTINCT BUSINESS UNIT OF UBS ASSET MANAGEMENT AMERICAS LLC removed 923,913 shares (-75.6%) from their portfolio in Q4 2025, for an estimated $4,259,238
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API.
Full Release
MARA to purchase Long Ridge for total transaction value of approximately $1.52 billion
FIP plans to use net proceeds to repay corporate debt and reinvest in growth opportunities
Transaction expected to close in the third quarter of 2026 following receipt of necessary regulatory approvals
NEW YORK, April 30, 2026 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP; the "Company" or “FIP”) announced today that it has entered into a definitive agreement to sell Long Ridge Energy & Power LLC (“Long Ridge”) and certain related assets to a subsidiary of MARA Holdings, Inc. (NASDAQ: MARA). The transaction is valued at approximately $1.52 billion before closing adjustments.
Headquartered in Pittsburgh, Pennsylvania, Long Ridge is a vertically integrated power and gas company comprised of a highly efficient, 485-megawatt combined cycle gas power plant, working interests in natural gas production wells, and approximately 1,600 acres of land along the Ohio River in Southeastern Ohio.
The Company intends to use the net proceeds from the transaction, after repayment of asset-level debt, to repay a portion of its outstanding corporate debt and for reinvestment in new growth opportunities, including potential acquisitions. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the third quarter of 2026.
“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, Chief Executive Officer 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.”
Jefferies and Lazard are serving as financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel to FIP in connection with the transaction.
The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release.
Additional Information
For additional information that management believes to be useful for investors, please refer to the presentation posted on the IP Resources section of the Company’s website, www.fipinc.com, and the Company’s recent Form 8-K, when available on the Company’s website. Nothing on the Company’s website is included or incorporated by reference herein.
About FTAI Infrastructure Inc.
FTAI Infrastructure Inc. primarily invests in critical infrastructure with high barriers to entry across the rail, ports and terminals, and power and gas sectors that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI Infrastructure Inc. is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm.
About MARA Holdings, Inc.
MARA (NASDAQ: MARA) deploys digital energy technologies to advance the world’s energy systems. Harnessing the power of compute, MARA transforms excess energy into digital capital, balancing the grid and accelerating the deployment of critical infrastructure. Building on its expertise to redefine the future of energy, MARA develops technologies that reduce the energy demands of high-performance computing applications, from AI to the edge.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company’s control. The Company can give no assurance that its expectations will be attained and such differences may be material. Factors that could cause or contribute to changes in such forward-looking statements include, but are not limited to, (1) the completion of the proposed transactions on anticipated terms and timing, or at all, including obtaining regulatory approvals and other conditions to the completion of the proposed transactions; (2) events, changes or other circumstances could occur that could give rise to the termination of the proposed transactions; (3) the risks related to MARA’s financing of the proposed transactions; (4) potential litigation or regulatory actions relating to the proposed transactions; and (5) potential adverse business uncertainty resulting from the announcement, pendency or completion of the proposed transactions, including restrictions during the pendency of the proposed transactions that may impact the Company’s ability to pursue certain business opportunities or strategic transactions. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company’s website ( www.fipinc.com ). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.
For further information, please contact:
Alan Andreini
Investor Relations
FTAI Infrastructure Inc.
(646) 734-9414
[email protected]
