Americas News
Kirby Completes $299M Acquisition
U.S. barge operator Kirby Corporation [NYSE:KEX] (Kirby) says it has completed the acquisition of Penn Maritime Inc. and Maritime Investments LLC (Penn), which operates tank barges and tugboats transporting black oil products in the U.S., for about $299 million.
The deal, first announced in November, consisted of $146 million in cash, $29 million in newly issued shares of Kirby common stock and $124 million for the retirement of Penn's debt.
Kirby Corp., which is based in Houston, Texas, transports bulk liquid products along the Mississippi River System, the Gulf Intracoastal Waterway and along the U.S. coasts, and in Alaska and Hawaii.
The acquisition gives the company 18 new double-hulled tank barges with a capacity of 1.9 million barrels and 16 tugboats, which operate on the U.S. East Coast and Gulf Coast.
Many Penn customers also use Kirby for inland tank barge services, the company said.
