Kirby to acquire USD68m inland tank barges and towboats.
M2 EQUITYBITES-June 20, 2017-Kirby to acquire USD68m inland tank barges and towboats
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Tank barge operator Kirby Corporation (NYSE:KEX) said on Monday that it has entered into an agreement to acquire certain inland marine assets from an undisclosed competitor for a purchase price of USD68m.
This asset purchase provides the company with nine specialty pressure tank barges, four 30,000 barrel tank barges as well as three 1320 horsepower inland towboats.
Subject to certain customary conditions, the closing of the asset purchase is expected to occur by 15 July 2017.
The acquisition is expected to be paid for using funds available under the company's revolving credit facility.
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| Publication: | M2 EquityBites (EQB) |
|---|---|
| Date: | Jun 20, 2017 |
| Words: | 126 |
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