logo
Share SHARE
FONT-SIZE Plus   Neg

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

Kirby Corp (KEX), 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Amgen reported an increase in second-quarter profit, driven by sales of arthritis drug Enbrel and osteoporosis treatments Xgeva and Prolia, and improved margins. Both earnings and sales topped Wall Street estimates. Electronic Arts Inc. (EA) on Thursday reported an increase in profit for the first quarter, reflecting continued strong digital revenues, with both earnings and revenues topping Wall Street estimates. However, shares of the company fell over 4 percent, after having detailed a weak outlook. Redwood... LinkedIn Corp., the world's largest online professional network, said Thursday after the markets closed that its second quarter loss widened sharply from last year, as higher costs and expenses more than offset a 33% increase in revenue. However, the company's quarterly earnings per share, excluding items, came in well above analysts' expectations as did its quarterly revenue.
comments powered by Disqus
RELATED NEWS
Trade KEX now with 
Follow RTT