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.
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by RTT Staff Writer
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