Florida East Coast Railway. Mark Elias/Bloomberg

Mexico Transportes, the largest railroad company in Mexico, has completed its purchase of Florida East Coast Holdings Corp., the owner of the Florida East Coast Railway, paying more than $2 billion. Jones Day represented the largest lender, and Skadden, Arps, Slate, Meagher & Flom, Dechert and Galicia Abogados Grupo also advised on the transaction.

Under the deal, which closed July 7, Grupo Mexico Transportes, the transportation business unit of Grupo Mexico, S.A.B. de C.V., obtained a $1.55 billion unsecured bridge loan from BBVA Bancomer and Credit Suisse Securities. BBVA is also the administrative agent representing both lenders in managing the loan.

Jones Day attorneys in Mexico City represented BBVA Securities and BBVA Bancomer, S.A., Grupo Financiero BBVA Bancomer.

To complete the transaction, Groupo Mexico Transportes also secured a separate $250 million Mexico law-governed loan from Santander, according to the Florida East Coast Railway.

Florida East Coast Holdings Corp., through its subsidiaries, provides freight transportation services in the U.S. The company owns and operates a 351-mile freight railroad along the east coast of Florida from Jacksonville to Miami, as well as approximately 270 miles of branch, switching and other secondary track, and 115 miles of yard track in Florida. It also owns or leases and operates other transportation-related facilities and equipment.

Before closing the transaction, Grupo Mexico Tranportes obtained the approvals required from all of the regulatory agencies in the United States, including the Committee on Foreign Investment in the United States, the Surface Transportation Board and the Federal Communications Commission, according to the Florida East Coast Railway.

Jones Day Mexico City partners Alberto de la Parra and Salvador Gallo led the team representing BBVA.

Skadden acted as counsel to the lenders for documents under New York law. The Skadden team included corporate finance partner Alejandro Gonzalez Lazzeri in New York, corporate governance law clerk Alejandro Ascencio in New York and former international visiting attorneys Daniela Bianchi and Juan Carlos Puentes.

Galicia Abogados and Dechert were counsel to Grupo Mexico Transportes for documents related to Mexican and New York law.