Jacksonville-based Florida East Coast Railway Holdings has been acquired for $2.1 billion by Grupo México, Mexico’s largest mining corporation and operator of the nation’s largest rail fleet.

The transportation unit of Grupo México, which trades in the Mexican stock exchange under the ticker GMEXICOB, financed the all-cash deal with $1.75 billion in debt and $350 million in capital, the company said in a statement to the Mexican stock exchange.

The assets were purchased from Fortress Investment…