Kirby Buys Penn Maritime, Maritime Investments For Nearly $299 Mln - Quick Facts

Kirby Corp To Present At Wells Fargo Conference; Webcast At 4:30 PM ET

Kirby Q1 13 Earnings Conference Call At 11:00 AM ET

Kirby Q1 Profit Rises

Trade KEX now with

12/14/2012 5:36 PM ET

Kirby Corp (KEX: Quote), on Friday revealed that it has closed the acquisition of Penn Maritime Inc. and Maritime Investments LLC , an operator of tank barges and tugboats used in the transportation of primarily black oil products in the United States, for nearly $299 million.

Texas-based Kirby said payment to Penn included, $146 million in cash, 500 Kirby common shares worth $29 million, valued at $58.16 per share, and $124 million for the 'retirement' of Penn's debt. The cash part of the consideration and retirement of Penn's debt were financed from the new issue of unsecured senior notes, said Kirby in a statement.

Click here to receive FREE breaking news email alerts for Kirby Corp and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

<<Previous 41 Articles

Editors Pick

Upbeat Economic Data Contributes To Rally On Wall Street - U.S. Commentary

Stocks moved sharply higher over the course of the trading day on Friday, more than offsetting the weakness seen on Thursday. In a reversal from the previous session, the markets benefited from some upbeat U.S. economic data as well as comments from a Federal Reserve official. The major averages saw further upside going into the close, with the Dow and the S&P 500 reaching new record highs.

PETA: IRS Targeting Neither New Nor Limited To Conservative Causes

As the IRS targeting scandal continues to make headlines, animal-protection charity People for the Ethical Treatment of Animals, or PETA, claims that conservative groups are not the only ones that have faced increased scrutiny from the agency.

Polls Shows Below Average Interest In IRS, Benghazi Stories

While the IRS targeting scandal has taken center stage on Capitol Hill on Friday, the results of a new Gallup poll showed that the American public's interest in the story is comparatively low based on historical measures. The poll showed that 54 percent of Americans are following the news that the IRS targeted conservative groups for greater scrutiny "very" or "somewhat" closely.