Kirby Corp. said it has agreed to acquire Penn Maritime and Maritime Investments, an operator of tank barges and tugboats that primarily transport black oil products along the U.S. coast for $295 million.
The purchase price includes cash, Kirby common stock and the retirement of Penn's debt.
Penn operates a fleet of 18 heated, double-hulled tank barges, with a capacity of 1.9 million barrels, and 16 tugboats along the U.S. East and Gulf coasts. Penn's tank barge fleet has an average age of 13 years with a product mix that consists primarily of refinery feedstocks, asphalt and crude oil. Penn's customers include major oil companies and refiners, nearly all of whom are current Kirby customers for inland tank barge services.
Joe Pyne, Kirby's chairman and chief executive officer, said he expected the deal to close in mid-to-late December. - Chris Dupin