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Slide #10. Kirby Corporation — Penn Maritime Inc.
Acquirer:
Kirby Corporation (NYSE:KEX)
Acquiree:
Penn Maritime Inc.
Details:
Kirby Corporation announced today that it has entered into an agreement to acquire Penn Maritime Inc. and Maritime Investments LLC, an operator of tank barges and tugboats participating in the coastal transportation of primarily black oil products in the United States. The total value of the transaction is approximately $295 million (before post-closing adjustments and transaction fees) and will consist of cash, Kirby common stock and the retirement of Penn's debt.
Kirby operates tank barge. Co. transports petrochemicals, black oil, refined petroleum products, and agricultural chemicals by tank barge. Co.'s business segments are: marine transportation, which provides marine transportation services, operating tank barges and towing vessels transporting bulk liquid products; and distribution and services, which sells after-market service and replacement parts for engines, transmissions, reduction gears, electric motors, drives, and controls, electrical distribution and control systems, energy storage battery systems, and related oilfield services equipment, rebuilds component parts or entire diesel engines, transmissions and reduction gears.
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Strong Buy (4.00 out of 4) 88th percentile
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