KIRBY CORP acquired Penn Maritime Inc. and Maritime Investments LLC for approximately $295 million (incl. ~$115M debt retirement), a transaction completed in December 2012, structured as combination (cash + Kirby common stock + debt retirement).
Penn Maritime Inc. and Maritime Investments LLC operates in Marine transportation (coastal), is based in U.S. coastal waterways. Penn Maritime Inc. and Maritime Investments LLC (collectively 'Penn'), an operator of tank barges and tugboats in the coastal transportation of primarily black oil products in the United States. Total value approximately $295 million, consisting of $180 million for the equity interests (about $152 million cash plus 500,000 Kirby shares) and approximately $115 million for retirement of Penn's debt.
Expanded Kirby's coastal marine transportation business in the U.S. black oil trade.
Added coastal tank-barge and tugboat capacity in the black-oil trade. Built scale in Kirby's coastal marine transportation business. Kirby coastal marine transportation operations
Kirby Corporation ... announced today that it has entered into an agreement to acquire Penn Maritime Inc. and Maritime Investments LLC (collectively, 'Penn' or 'Penn Maritime'), an operator of tank barges and tugboats participating in the coastal transportation of primarily black oil products in the United States.Kirby Corporation press release (November 27, 2012)
Advisory firms were not disclosed for this transaction.